EXHIBIT 11.1
APACHE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(In thousands, except per share data)
For the Quarter Ended For the Six Months
June 30, June 30,
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1996 1995 1996 1995
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Weighted Average Calculation:
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Net income $ 24,437 $ 537 $ 40,092 $ 4,620
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Weighted average common
shares outstanding 85,738 69,809 81,580 69,741
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Net income per share,
based on weight average common
shares outstanding $ .29 $ .01 $ .49 $ .07
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Primary Calculation:
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Net income $ 24,437 $ 537 $ 40,092 $ 4,620
Assumed conversion of
3.93-percent debentures 526 534 1,052 1,083
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Net income, as adjusted $ 24,963 $ 1,071 $ 41,144 $ 5,703
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Common Stock Equivalents:
Weighted average common shares
outstanding 85,738 69,809 81,580 69,741
Stock options, using the treasury stock
method of accounting 663 116 507 116
Assumed conversion of 3.93-percent
debentures 2,778 2,778 2,778 2,778
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89,179 72,703 84,865 72,635
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Net income per common share primary $ .28 $ .01 $ .48 $ .07
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The assumed conversion of the 6-percent convertible subordinated debentures due
2002 would be anti-dilutive for the second quarter and first six months of
1996.
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