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 Nine Months Ended
-------------------- -------------------
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
-------- -------- -------- --------
(Thousands, Except Per Share Data)
Net income (loss) $ (365) $ (5,421) $ 96,203 $ 99,828
Dividends on preferred
stock (excluding
dividends on convertible
preferred stock) 330 330 990 990
-------- -------- -------- --------
Net income (loss)
applicable to common stock $ (695) $ (5,751) $ 95,213 $ 98,838
======== ======== ======== ========
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 as of the beginning
of each period based on
the applicable conversion
price 43,731 43,502 43,735 43,303
======== ======== ======== ========
Earnings (loss) per average
share of common stock
assuming full dilution $ (0.02) $ (0.13) $ 2.18 $ 2.28
======== ======== ======== ========
- ------------------------------------------
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 no
dilution results.