UNISOURCE ENERGY CORPORATION
EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
Three Months Ended
September 30,
1998 1997
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- Thousands of Dollars -
(except per share data)
BASIC EARNINGS PER SHARE:
Net Income $33,673 $43,415
Average Shares of Common Stock Outstanding 32,157 32,136
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Basic Earnings Per Share $ 1.05 $ 1.35
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DILUTED EARNINGS PER SHARE:
Net Income $33,673 $43,415
Average Shares of Common Stock Outstanding 32,157 32,136
Effect of Dilutive Securities:
Warrants* - 59
Options 59 130
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Total Shares 32,216 32,325
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Diluted Earnings Per Share $ 1.05 $ 1.34
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*The Warrants are for TEP common stock. However, the dilutive effect is the
same as it would be if the Warrants were for UniSource Energy's Common Stock.
UNISOURCE ENERGY CORPORATION
EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
Nine Months Ended
September 30,
1998 1997
------ ------
- Thousands of Dollars -
(except per share data)
BASIC EARNINGS PER SHARE:
Net Income $27,696 $84,808
Average Shares of Common Stock Outstanding 32,144 32,138
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Basic Earnings Per Share $ 0.86 $ 2.64
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DILUTED EARNINGS PER SHARE:
Net Income $27,696 $84,808
Average Shares of Common Stock Outstanding 32,144 32,138
Effect of Dilutive Securities:
Warrants* 105 20
Options 116 61
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Total Shares 32,365 32,219
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Diluted Earnings Per Share $ 0.86 $ 2.63
========= ========
*The Warrants are for TEP common stock. However, the dilutive effect is the
same as it would be if the Warrants were for UniSource Energy's Common Stock.