SABA PETROLEUM COMPANY
Exhibit 11.1
Computation of Earnings (Loss) Per Common Share
For the Three and Six Months Ended June 30, 1998 and 1997
Six Months Three months
Ended June 30, Ended June 30,
1998 1997 1998 1997
---- ---- ---- ----
Basic Earnings
Net income (loss) before minority interest
in earnings (loss) of consolidated
subsidiary (21,642,205) 1,854,491 (9,535,326) 501,339
Minority interest in earnings (loss) of
consolidated subsidiary (48,540) 94,391 (41,839) 5,961
Preferred Stock dividends (291,288) 0 (141,288) 0
-----------------------------------------------------------
===========================================================
Net income (loss) available to Common (21,884,953) 1,948,882 (9,634,775) 507,300
===========================================================
===========================================================
Basic Shares
Weighted average number of Common
--------------------------------------------------------------------------------------------------------------
===========================================================
Shares outstanding 10,963,602 10,547,160 11,008,712 10,650,814
===========================================================
===========================================================
Basic Earnings per Common Share
-----------------------------------------------------------
===========================================================
Net income (loss) available to Common $ (2.00) $ 0.18 $ (0.88) $ 0.05
===========================================================
===========================================================
Diluted Earnings
Net income (loss) before minority interest
in earnings (loss) of consolidated
subsidiary (21,642,205) 1,854,491 (9,535,326) 501,339
Minority interest in earnings (loss) of
consolidated subsidiary (48,540) 94,391 (41,839) 5,961
Preferred stock dividends (291,288) 0 (141,288) -
Plus interest expense attributable
to Debentures, net of related income
taxes - - - 0
-----------------------------------------------------------
===========================================================
Net income (loss) available to Common (21,884,953) 1,948,882 (9,634,775) 507,300
===========================================================
===========================================================
Diluted Shares
Weighted average number of Common
Shares outstanding 10,963,602 10,547,160 11,008,712 10,650,814
Effect of dilutive securities:
Of shares underlying options - 383,436 - 372,132
Of shares underlying convertible
Debentures - 599,835 - 509,967
-----------------------------------------------------------
===========================================================
Diluted Shares 10,963,602 11,530,431 11,008,712 11,532,913
===========================================================
===========================================================
Diluted Earnings per Common Share
-----------------------------------------------------------
===========================================================
Net income (loss) $ (2.00) $0.18 $ (0.88) $ 0.04
===========================================================