EXHIBIT 11.1
APACHE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(In thousands, except per share data)
For the Quarter Ended For the Nine Months
September 30, September 30,
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1997 1996 1997 1996
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Weighted Average Calculation:
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Net income $ 30,785 $ 30,137 $ 109,408 $ 70,229
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Weighted average common shares outstanding 90,396 89,860 90,276 84,360
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Net income per share,
based on weighted average
common shares outstanding $ .34 $ .34 $ 1.21 $ .83
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Primary Calculation:
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Net income $ 30,785 $ 30,137 $ 109,408 $ 70,229
Assumed conversion of
3.93-percent convertible notes 531 531 1,568 1,583
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Net income, as adjusted $ 31,316 $ 30,668 $ 110,976 $ 71,812
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Common Stock Equivalents:
Weighted average common shares outstanding 90,396 89,860 90,276 84,360
Stock options, using the treasury stock
method 929 712 544 451
Assumed conversion of 3.93-percent
convertible notes 2,778 2,778 2,778 2,778
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94,103 93,350 93,598 87,589
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Primary net income per common share $ .33* $ .33* $ 1.19 $ .82*
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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 Nine Months Ended
September 30, September 30,
------------------ -------------------
1997 1996 1997 1996
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Fully-Diluted Calculation:
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Net income $ 30,785 $ 30,137 $ 109,408 $ 70,229
Assumed conversion of:
3.93-percent convertible notes 531 531 1,568 1,583
6-percent convertible
subordinated debentures 1,738 1,738 5,125 --
------- -------- -------- --------
Net income, as adjusted $ 33,054 $ 32,406 $ 116,101 $ 71,812
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Common Stock Equivalents:
Weighted average common
shares outstanding 90,396 89,860 90,276 84,360
Stock options, using the treasury
stock method 1,299 712 958 494
Assumed conversion of 3.93-percent
convertible notes 2,778 2,778 2,778 2,778
Assumed conversion of six-percent
convertible subordinated debentures 5,623 5,623 5,623 --
-------- -------- -------- --------
100,096 98,973 99,635 87,632
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Fully diluted net income per
common share $ .33 $ .33* $ 1.17 $ .82*
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Note: The assumed conversion of the six-percent convertible subordinated
debentures was anti-dilutive for the nine month period ended September 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.