1
EL PASO NATURAL GAS COMPANY
EARNINGS PER COMMON SHARE
Form 10-Q, Exhibit 11
Second Quarter Six Months
------------- ------------- ----------- -----------
1996 1995 1996 1995
------------- ------------- ----------- -----------
Income available for common stock dividends $ 24,425,000 $ 20,200,000 -$10,823,000 $42,170,000
Fully diluted average common shares outstanding 36,282,392 35,037,981 36,067,908 35,222,724
Fully diluted earnings per common share $ 0.6732 $ 0.5765 -$0.3001 $1.1972
Outstanding stock options of EPG are common stock equivalents but are excluded
from primary earnings per common share due to immateriality.
See following calculation:
Second Quarter Six Months
------------- ------------- ----------- -----------
1996 1995 1996 1995
------------- ------------- ----------- -----------
Total primary earnings per common share $ 0.6885 $ 0.5805 -$0.3069 $1.2057
Fully diluted earnings per common share
(includes stock options) $ 0.6732 $ 0.5765 -$0.3001 $1.1972
Percent dilution 2.2222% 0.6891% 2.2157% 0.7050%