CHESAPEAKE UTILITIES CORPORATION AND SUBSIDIARIES
EXHIBIT 11
COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
For the Quarter For the Six Months
Ended June 30, Ended June 30,
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1995 1994 1995 1994
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Primary earnings per share calculation:
Weighted average number of shares assuming
primary dilution 3,693,016 3,630,355 3,682,586 3,617,896
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Consolidated net income $764,085 ($116,584) $4,422,516 $3,629,502
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Total primary earnings per share $0.21 ($0.03) $1.20 $1.00
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Fully diluted earings per share calculation (1):
Weighted average number of shares assuming
primary dilution 3,693,016 3,630,355 3,682,586 3,617,896
Contingent shares 248,245 255,282 250,607 256,287
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Weighted average number of shares assuming
full dilution 3,941,261 3,885,637 3,933,193 3,874,183
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Consolidated net income $764,085 ($116,584) $4,422,516 $3,629,502
Interest on convertible debt 86,867 89,329 174,423 178,377
Less: Applicable federal income taxes 33,878 34,838 68,025 69,567
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Adjusted net income $817,074 ($62,093) $4,528,914 $3,738,312
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Fully diluted earnings per share $0.21 ($0.02) $1.15 $0.96
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(1) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although it is contrary to paragraph 40 of APB Opinion
No. 15, because it produces an anti-dilutive result for the quarter.