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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1997 1996
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Primary earnings per share calculation:
Weighted average number of shares 4,475,839 4,399,372
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Consolidated net income $3,366,113 $6,000,157
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Primary earnings per share $0.75 $1.36
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Fully diluted earings per share calculation:
Weighted average number of shares 4,475,839 4,399,372
Contingent shares related to assumed
conversion of convertible debt 240,704 245,359
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Weighted average number of shares assuming
full dilution 4,716,543 4,644,731
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Adjusted income
Consolidated net income $3,366,113 $6,000,157
Interest on convertible debt 83,302 85,621
Less: Applicable income taxes (32,488) (33,392)
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Adjusted net income $3,481,903 $6,119,170
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Fully diluted earnings per share $0.74 $1.32
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