Exhibit 11.01
EQUITABLE RESOURCES, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 AND 1994
1996 1995 1994
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EARNINGS:
Net income............................................... $ 59,379 $ 1,548 $60,729
Interest net of applicable income taxes on
9 1/2% convertible subordinated debentures ........... 35 52 146
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Adjusted earnings................................... $ 59,414 $ 1,600 $60,875
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SHARES:
Average common shares outstanding ....................... 35,188 34,793 34,509
Dilutive effect of conversion of 9 1/2%
convertible subordinated debentures................... 55 84 220
Dilutive effect of stock options outstanding............. - 11 11
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Total .............................................. 35,243 34,888 34,740
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PRIMARY EARNINGS PER SHARE.................................. $1.69 $.04 $1.76
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FULLY DILUTED EARNINGS PER SHARE............................ $1.69 $.04 $1.75
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