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 Nine Months Ended
September 30, September 30,
---------------------- ---------------------
2000 1999 2000 1999
--------- ---------- --------- ---------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
BASIC EARNINGS PER SHARE
------------------------
Net earnings.................................................. $ 144.8 $ 102.1 $ 446.1 $ 329.9
Dividends on preferred stock.................................. - - .2 .2
--------- ---------- --------- ---------
Net earnings available to common stockholders................. $ 144.8 $ 102.1 $ 445.9 $ 329.7
========= ========== ========= =========
Average number of common shares outstanding................... 214,478 213,148 213,879 212,816
Average number of Class A common shares outstanding........... 323 348 334 350
--------- ---------- --------- ---------
214,801 213,496 214,213 213,166
========= ========== ========= =========
Basic earnings per share...................................... $ .67 $ .48 $ 2.08 $ 1.55
========= ========== ========= =========
DILUTED EARNINGS PER SHARE
--------------------------
Net earnings used in calculating basic earnings per share..... $ 144.8 $ 102.1 $ 445.9 $ 329.7
Dividends applicable to dilutive preferred stock:
Series A................................................... - - - -
Series B................................................... - - .1 .1
Series C................................................... - - .1 .1
--------- ---------- --------- ---------
Income available to common shareholders plus
assumed conversions........................................ $ 144.8 $ 102.1 $ 446.1 $ 329.9
========= ========== ========= =========
Average number of shares used in calculating basic earnings
per share.................................................. 214,801 213,496 214,213 213,166
Effect of dilutive securities:
Options.................................................... 3,507 2,835 3,170 2,524
FELINE PRIDESSM............................................ 3,014 - 1,517 -
Series A, B and C preferred stock.......................... 1,171 1,235 1,192 1,251
--------- ---------- --------- ---------
222,493 217,566 220,092 216,941
========= ========== ========= =========
Diluted earnings per share.................................... $ .65 $ .47 $ 2.03 $ 1.52
========= ========== ========= =========
<FN>
------------------------------------
Convertible securities, FELINE PRIDESSM and options are not considered in the
calculations if the effect of the conversion is anti-dilutive.
</FN>
</TABLE>
