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,
-------------------- -----------------
1997 1996 1997 1996
-------- -------- ------- --------
Weighted Average Calculation:
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Net income $ 25,746 $ 24,437 $ 78,623 $ 40,092
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Weighted average common shares outstanding 90,288 85,738 90,216 81,580
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Net income per share,
based on weighted average
common shares outstanding $ .29 $ .29 $ .87 $ .49
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Primary Calculation:
- --------------------
Net income $ 25,746 $ 24,437 $ 78,623 $ 40,092
Assumed conversion of
3.93-percent convertible notes 521 526 1,037 1,052
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Net income, as adjusted $ 26,267 $ 24,963 $ 79,660 $ 41,144
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Common Stock Equivalents:
Weighted average common shares outstanding 90,288 85,738 90,216 81,580
Stock options, using the treasury stock
method 620 663 667 507
Assumed conversion of 3.93-percent
convertible notes 2,778 2,778 2,778 2,778
-------- -------- -------- --------
93,686 89,179 93,661 84,865
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Primary net income per common share $ .28* $ .28* $ .85 $ .48*
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APACHE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(In thousands, except per share data)
EXHIBIT 11.1
(Continued)
For the Quarter Ended For the Six Months Ended
June 30, June 30,
---------------------- ------------------------
1997 1996 1997 1996
------- ------- ------- -------
Fully-Diluted Calculation:
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Net income $ 25,746 $ 24,437 $ 78,623 $ 40,092
Assumed conversion of:
3.93-percent convertible notes 521 526 1,037 1,052
6-percent convertible
subordinated debentures -- -- 3,387 --
-------- -------- -------- --------
Net income, as adjusted $ 26,267 $ 24,963 $ 83,047 $ 41,144
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Common Stock Equivalents:
Weighted average common
shares outstanding 90,288 85,738 90,216 81,580
Stock options, using the treasury
stock method 620 808 667 662
Assumed conversion of 3.93 percent
convertible notes 2,778 2,778 2,778 2,778
Assumed conversion of 6 percent
convertible subordinated debentures -- -- 5,623 --
-------- -------- -------- --------
93,686 89,324 99,284 85,020
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Fully diluted net income per
common share $ .28* $ .28* $ .84 $ .48*
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Note: The assumed conversion of the six-percent convertible subordinated
debentures was anti-dilutive for the quarters ended June 30, 1997 and 1996,
respectively, and the six month period ended June 30, 1996.
* The primary and fully diluted net per common share amounts for the indicated
periods reflect dilution of less than three percent. As a result, the amounts
reported in the consolidated statement of income are based upon weighted
average shares outstanding.