UNISOURCE ENERGY CORPORATION
EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
Three Months Ended
June 30,
2000 1999
------ ------
- Thousands of Dollars -
(except per share data)
BASIC EARNINGS PER SHARE:
Net Income $10,659 $ 3,708
Average Shares of Common Stock Outstanding 32,389 32,309
--------- --------
Basic Earnings Per Share $ 0.33 $ 0.11
========= ========
DILUTED EARNINGS PER SHARE:
Net Income $10,659 $ 3,708
Average Shares of Common Stock Outstanding 32,389 32,309
Effect of Dilutive Securities:
Warrants - -
Options and Stock Issuable under Employee Benefit
Plans 457 335
--------- --------
Total Shares 32,846 32,644
--------- --------
Diluted Earnings Per Share $ 0.32 $ 0.11
========= ========
4.6 million of the 6.1 million warrants outstanding are exercisable
into TEP common stock. However, the dilutive effect is the same as it
would be if the warrants were exercisable into UniSource Energy Common
Stock.
UNISOURCE ENERGY CORPORATION
EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
Six Months Ended
June 30,
2000 1999
------ ------
- Thousands of Dollars -
(except per share data)
BASIC EARNINGS PER SHARE:
Net Income (Loss) $10,901 $(1,820)
Average Shares of Common Stock Outstanding 32,382 32,297
--------- --------
Basic Earnings Per Share $ 0.34 $ (0.06)
========= ========
DILUTED EARNINGS PER SHARE:
Net Income (Loss) $10,901 $(1,820)
Average Shares of Common Stock Outstanding 32,382 32,297
Effect of Dilutive Securities:
Warrants - -
Options and Stock Issuable Under Employee Benefit
Plans 420 -
--------- --------
Total Shares 32,802 32,297
--------- --------
Diluted Earnings Per Share $ 0.33 $ (0.06)
========= ========
4.6 million of the 6.1 million warrants outstanding are exercisable
into TEP common stock. However, the dilutive effect is the same as it
would be if the warrants were exercisable into UniSource Energy Common
Stock.