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ITEM 14(A)3, EXHIBIT 11
TESORO PETROLEUM CORPORATION AND SUBSIDIARIES
INFORMATION SUPPORTING EARNINGS PER SHARE COMPUTATIONS
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
YEARS ENDED DECEMBER 31,
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1996 1995 1994
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PRIMARY EARNINGS PER SHARE COMPUTATION
Earnings before extraordinary loss on extinguishment of
debt...................................................... $76,800 57,489 20,483
Extraordinary loss on extinguishment of debt, net of income
tax benefit............................................... (2,290) (2,857) (4,752)
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Net earnings................................................ 74,510 54,632 15,731
Dividend requirements on preferred stock.................... -- -- 2,680
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Net earnings applicable to common stock..................... $74,510 54,632 13,051
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Average outstanding common shares........................... 25,999 24,557 22,552
Average outstanding common equivalent shares................ 500 550 644
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Average outstanding common and common equivalent shares... 26,499 25,107 23,196
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Primary Earnings Per Share:
Earnings before extraordinary loss on extinguishment of
debt................................................... $ 2.90 2.29 .77
Extraordinary loss on extinguishment of debt, net......... (.09) (.11) (.21)
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Net earnings.............................................. $ 2.81 2.18 .56
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FULLY DILUTED EARNINGS PER SHARE COMPUTATION
Net earnings applicable to common stock..................... $74,510 54,632 13,051
Add: Dividend requirements on preferred stock............... -- -- 2,680
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Net earnings applicable to common stock -- fully diluted.... $74,510 54,632 15,731
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Average outstanding common and common equivalent shares..... 26,499 25,107 23,196
Shares issuable on conversion of preferred shares........... -- -- 1,476
Additional fully diluted shares............................. 50 -- 58
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26,549 25,107 24,730
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Fully Diluted Earnings Per Share*........................... $ 2.81 2.18 .56
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* This calculation is submitted in accordance with paragraph 601(b)(11) of
Regulation S-K, although it is not required by APB Opinion No. 15 because it
produces an immaterial dilutive effect for 1996 and 1995 and an anti-dilutive
result for 1994.