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EL PASO NATURAL GAS COMPANY
EARNINGS PER COMMON SHARE
Form 10-Q, Exhibit 11
Second Quarter Six Months Ended June 30,
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1995 1994 1995 1994
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Income available for common stock dividends $20,200,000 $24,011,000 $42,170,000 $45,126,000
Fully diluted average common shares outstanding 35,037,981 37,231,380 35,222,724 37,291,545
Fully diluted earnings per common share $0.5765 $0.6449 $1.1972 $1.2101
Outstanding stock options of EPNG are common stock equivalents but are excluded
from primary earnings per common share due to immateriality. See following
calculation:
Second Quarter Six Months Ended June 30,
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1995 1994 1995 1994
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Total primary earnings per common share $0.5805 $0.6518 $1.2057 $1.2241
Fully diluted earnings per common share
(includes stock options) $0.5765 $0.6449 $1.1972 $1.2101
Percent dilution 0.6891% 1.0586% 0.7050% 1.1437%