CHESAPEAKE UTILITIES CORPORATION AND SUBSIDIARIES
EXHIBIT 11
COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
For the Quarter For the Nine Months
Ended September 30, Ended September 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 3,710,054 3,642,317 3,691,866 3,626,117
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Consolidated net income $988,122 ($264,773) $5,410,639 $3,364,730
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Total primary earnings per share $0.27 ($0.07) $1.47 $0.93
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Fully diluted earings per share calculation (1):
Weighted average number of shares assuming
primary dilution 3,710,054 3,642,317 3,691,866 3,626,117
Contingent shares 247,287 255,282 249,487 255,948
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Weighted average number of shares assuming
full dilution 3,957,341 3,897,599 3,941,353 3,882,065
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Consolidated net income (loss) $988,122 ($264,773) $5,410,639 $3,364,730
Interest on convertible debt 87,484 90,311 261,907 268,689
Less: Applicable federal income taxes 34,119 35,221 102,144 104,789
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Adjusted net income $1,041,487 ($209,683) $5,570,402 $3,528,630
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Fully diluted earnings per share $0.26 ($0.05) $1.41 $0.91
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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
ended September 30, 1994.