EXHIBIT 11
THE COASTAL CORPORATION AND SUBSIDIARIES
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(Millions of Dollars, Except Per Share Amounts,
and Thousands of Shares)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30, June 30,
---------------------- ---------------------
2000 1999 2000 1999
--------- ---------- --------- ---------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
BASIC EARNINGS PER SHARE
------------------------
Net earnings.................................................. $ 127.7 $ 93.3 $ 301.3 $ 227.8
Dividends on preferred stock.................................. .1 .1 .2 .2
--------- ---------- --------- ---------
Net earnings available to common stockholders................. $ 127.6 $ 93.2 $ 301.1 $ 227.6
========= ========== ========= =========
Average number of common shares outstanding................... 213,794 212,864 213,564 212,647
Average number of Class A common shares outstanding........... 336 350 339 351
--------- ---------- --------- ---------
214,130 213,214 213,903 212,998
========= ========== ========= =========
Basic earnings per share...................................... $ .60 $ .44 $ 1.41 $ 1.07
========= ========== ========= =========
DILUTED EARNINGS PER SHARE
--------------------------
Net earnings used in calculating basic earnings per share..... $ 127.6 $ 93.2 $ 301.1 $ 227.6
Dividends applicable to dilutive preferred stock:
Series A................................................... - - - -
Series B................................................... .1 .1 .1 .1
Series C................................................... - - .1 .1
--------- ---------- --------- ---------
Income available to common shareholders plus
assumed conversions........................................ $ 127.7 $ 93.3 $ 301.3 $ 227.8
========= ========== ========= =========
Average number of shares used in calculating basic earnings
per share.................................................. 214,130 213,214 213,903 212,998
Effect of dilutive securities:
Options.................................................... 3,457 2,693 3,001 2,368
FELINE PRIDES(sm).......................................... 1,538 - 769 -
Series A, B and C preferred stock.......................... 1,196 1,243 1,203 1,258
--------- ---------- --------- ---------
220,321 217,150 218,876 216,624
========= ========== ========= =========
Diluted earnings per share.................................... $ .58 $ .43 $ 1.38 $ 1.05
========= ========== ========= =========
<FN>
------------------------------------
Convertible securities, FELINE PRIDES(sm) and options are not considered in
the calculations if the effect of the conversion is anti-dilutive.
</FN>
</TABLE>
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