1 EXHIBIT 11 WASHINGTON GAS LIGHT COMPANY AND SUBSIDIARIES Computation of Earnings per Average Share of Common Stock Assuming Full Dilution from Conversion of the $4.60 and $4.36 Convertible Preferred Series ------------------------------------------------------------- (Unaudited) Three Months Ended Six Months Ended -------------------- -------------------- Mar. 31, Mar. 31, Mar. 31, Mar. 31, 1997 1996 1997 1996 -------- -------- -------- -------- (Thousands, Except Per Share Data) EARNINGS PER AVERAGE SHARE ASSUMING FULL DILUTION Net Income ..................... $ 59,144 $ 66,909 $ 96,568 $105,249 Dividends on preferred stock (excluding dividends on convertible preferred stock) .............. 330 330 660 660 -------- -------- -------- -------- Net income applicable to common stock ............... $ 58,814 $ 66,579 $ 95,908 $104,589 ======== ======== ======== ======== Average common shares outstanding on a fully diluted basis assuming conversion of the outstanding shares of the $4.60 and $4.36 convertible preferred stock on October 1 of each year based on the applicable conversion price .............. 43,734 43,349 43,737 43,207 ======== ======== ======== ======== Earnings per average share of common stock assuming full dilution ........ $ 1.34 $ 1.54 $ 2.19 $ 2.42 ======== ======== ======== ======== ------------------------------------------ Note: These calculations are submitted in accordance with Securities Exchange Act of 1934 Release No. 9083 although not required by footnote 2 to paragraph 14 of Accounting Principles Board Opinion No. 15 because they result in dilution of less than 3%.