CHESAPEAKE UTILITIES CORPORATION AND SUBSIDIARIES
EXHIBIT 11
COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
FOR THE QUARTER
ENDED MARCH 31,
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1995 1994
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Shares outstanding 3,680,675 3,618,447
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Primary earnings per share calculation:
Weighted average number of shares assuming
primary dilution 3,672,036 3,605,199
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Consolidated net income $3,658,431 $3,746,087
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Total primary earnings per share $1.00 $1.04
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Fully diluted earings per share calculation (1):
Weighted average number of shares assuming
primary dilution 3,672,036 3,605,199
Contingent shares 255,281 257,305
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Weighted average number of shares assuming
full dilution 3,927,317 3,862,504
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Consolidated net income $3,658,431 $3,746,087
Interest on convertible debt 88,348 89,048
Less: Applicable federal income taxes 34,456 34,729
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Adjusted net income $3,712,323 $3,800,406
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Fully diluted earnings per share $0.95 $0.98
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