EXHIBIT 11
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
Computation of the Average Number of Shares of Common Stock Outstanding
For the Three and Nine Months Ended September 30, 1998 and 1997
(4)
Average Number of
Shares Outstanding
As Shown on the
Consolidated
(1) (2) (3) Statement of
Shares of Number of Share Income
Common Days Days (3 divided by number
Stock Outstanding (2 x 1) of Days in Period)
--------- ----------- -------- ---------------------
For The Three Months Ended September 30:
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JULY 1 - SEPTEMBER 30, 1998. . . . . . . . 187,364,863 92 17,237,567,396 187,364,863
=========== =================== ============
July 1 - September 30, 1997. . . . . . . . 144,390,619 92 13,283,936,948
Shares issued -
Acquisition - Syracuse
Suburban Gas Company, Inc.-. . . . . 28,732 86 2,470,952
----------- -------------------
144,419,351 13,286,407,900 144,417,477
=========== =================== ============
For The Nine Months Ended September 30:
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JANUARY 1 - SEPTEMBER 30, 1998 . . . . . . 144,419,351 273 39,426,482,823
SHARES ISSUED IN ACCORDANCE
WITH THE MRA AGREEMENT -
JUNE 30 . . . . . . . . . . . . . . . . 42,945,512 93 3,993,932,616
----------- -------------------
187,364,863 43,420,415,439 159,049,141
=========== =================== ============
January 1 - September 30, 1997 . . . . . . 144,365,214 273 39,411,703,422
Shares issued -
Acquisition - Syracuse
Suburban Gas Company, Inc. -. . . . . 54,137 * 9,279,492
----------- -------------------
144,419,351 39,420,982,914 144,399,205
=========== =================== ============
Note: Earnings per share calculated on both a primary and fully
diluted basis are the same due to the effects of rounding.
* Number of days outstanding not shown as shares represent an
accumulation of two quarterly issues during the period. Share days
for shares issued are based on the total number of days each share
was outstanding during the period.