UNISOURCE ENERGY CORPORATION
EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
Years Ended December 31,
1999 1998 1997
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- Thousands of Dollars -
(except per share data)
Basic Earnings Per Share:
Numerator: Income Before
Extraordinary Item $56,510 $28,032 $83,572
Denominator:
Average Shares of Common Stock -
Outstanding 32,321 32,177 32,138
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Basic Earnings Per Share Before
Extraordinary Item $ 1.75 $ 0.87 $ 2.60
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Diluted Earnings Per Share:
Numerator: Income Before
Extraordinary Item $56,510 $28,032 $83,572
Denominator:
Average Shares of Common Stock -
Outstanding 32,321 32,177 32,138
Effect of Dilutive Securities:
Warrants - 79 53
Options and Stock Issuable under
Employee Benefit Plans 257 90 87
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Total Shares 32,578 32,346 32,278
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Diluted Earnings Per Share Before
Extraordinary Item $ 1.74 $ 0.87 $ 2.59
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Options to purchase 1,115,000 shares of common stock at $12.28
to $18.13 per share were outstanding at the end of the year 1999
but were not included in the computation of diluted EPS because the
options' exercise price was greater than the average market price
of the common shares.
4.6 million of the 6.1 million warrants outstanding are
exercisable into TEP common stock. See Note 12. However, the
dilutive effect is the same as it would be if the warrants were
exercisable into UniSource Energy Common Stock.