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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1996 1995
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Primary earnings per share calculation:
Weighted average number of shares assuming
primary dilution 3,760,378 3,672,036
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Consolidated net income $4,649,009 $3,658,431
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Total primary earnings per share $1.24 $1.00
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Fully diluted earings per share calculation:
Weighted average number of shares assuming
primary dilution 3,760,378 3,672,036
Contingent shares 248,084 252,993
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Weighted average number of shares assuming
full dilution 4,008,462 3,925,029
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Consolidated net income $4,649,009 $3,658,431
Interest on convertible debt 85,856 87,551
Less: Applicable federal income taxes 33,484 34,145
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Adjusted net income $4,701,381 $3,711,837
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Fully diluted earnings per share $1.17 $0.95
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