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EXHIBIT 11
FINA, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FOR THE FIVE YEARS ENDING DECEMBER 31, 1996
(IN THOUSANDS)
FINA, INC. CONSOLIDATED
1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
Net pre-tax earnings.................... $228,262 $161,078 $152,357 $ 96,115 $ 20,110
Fixed charges........................... 55,086 61,561 56,010 69,106 71,743
Adjustment for capitalized interest..... (4,889) (7,873) (2,422) (3,234) (2,702)
-------- -------- -------- -------- --------
Earnings as adjusted (A).............. $278,459 $214,766 $205,945 $161,987 $ 89,151
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Fixed Charges:
Interest Expense:....................... $ 43,137 $ 50,707 $ 47,023 $ 58,190 $ 61,762
Rents under leases representative of an
interest factor (1)................... 11,949 10,854 8,987 10,916 9,981
-------- -------- -------- -------- --------
Fixed Charges as adjusted (B)........... $ 55,086 $ 61,561 $ 56,010 $ 69,106 $ 71,743
======== ======== ======== ======== ========
RATIO OF EARNINGS TO FIXED
CHARGES:
(A) DIVIDED BY (B).......... 5.1 3.5 3.7 2.3 1.2
======== ======== ======== ======== ========
FOCC CONSOLIDATED
1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
Net pre-tax earnings.................... $204,670 $152,824 $145,819 $100,147 $ 17,818
Fixed charges........................... 54,980 61,420 55,863 68,747 71,557
Adjustment for capitalized interest..... (4,852) (7,788) (2,371) (3,198) (2,663)
-------- -------- -------- -------- --------
Earnings as adjusted (A).............. $254,798 $206,456 $199,311 $165,696 $ 86,712
======== ======== ======== ======== ========
Fixed Charges:
Interest Expense........................ $ 43,134 $ 50,706 $ 47,021 $ 58,182 $ 61,717
Rents under leases representative of an
interest factor(1).................... 11,846 10,714 8,842 10,565 9,840
-------- -------- -------- -------- --------
Fixed Charges as adjusted (B)......... $ 54,980 $ 61,420 $ 55,863 $ 68,747 $ 71,557
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RATIO OF EARNINGS TO FIXED
CHARGES:
(A) DIVIDED BY (B).......... 4.6 3.4 3.6 2.4 1.2
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(1) Management of the Company believes approximately one-third of rental and
lease expense is representative of the interest component of rent expense.
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