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EL PASO NATURAL GAS COMPANY
EARNINGS PER COMMON SHARE
Form 10-Q, Exhibit 11
Third Quarter Nine Months
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1995 1994 1995 1994
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Income available for
common stock dividends $20,289,000 $21,096,000 $62,459,000 $66,222,000
Fully diluted average
common shares outstanding 34,053,823 37,018,243 34,823,887 37,200,305
Fully diluted earnings per
common share $0.5958 $0.5699 $1.7936 $1.7801
Outstanding stock options of EPG are common stock equivalents but are excluded
from primary earnings per common share due to immateriality. See following
calculation:
Third Quarter Nine Months
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1995 1994 1995 1994
----------- --------- ---------- ----------
Total primary earnings per
common share $0.5997 $0.5755 $1.8057 $1.7998
Fully diluted earnings per
common share
(includes stock options) $0.5958 $0.5699 $1.7936 $1.7801
Percent dilution 0.6503% 0.9731% 0.6701% 1.0946%