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, (1) ENDED JUNE 30,
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1996 1995 1996 1995
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Primary earnings per share calculation:
Weighted average number of shares assuming
primary dilution 3,790,533 3,693,016 3,774,356 3,682,586
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Consolidated net income $832,457 $764,085 $5,481,466 $4,422,516
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Total primary earnings per share $0.22 $0.21 $1.45 $1.20
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Fully diluted earings per share calculation (1):
Weighted average number of shares assuming
primary dilution 3,790,533 3,693,016 3,774,356 3,682,586
Contingent shares 242,761 248,245 245,408 250,607
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Weighted average number of shares assuming
full dilution 4,033,294 3,941,261 4,019,764 3,933,193
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Consolidated net income $832,457 $764,085 $5,481,466 $4,422,516
Interest on convertible debt 84,948 86,867 170,803 174,423
Less: Applicable federal income taxes 33,130 33,878 66,613 68,025
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Adjusted net income $884,275 $817,074 $5,585,656 $4,528,914
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Fully diluted earnings per share $0.22 $0.21 $1.39 $1.15
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(1) This calculation is submitted in accordance with Regulation S-K item
601(b)(11).