Exhibit 11.1 Computation of Earnings per Common Share
SABA PETROLEUM COMPANY
Exhibit 11.1
Computation of Earnings (Loss) Per Common Share
For the Nine and Three Months Ended September 30, 1998 and 1997
Nine Months Three Months
Ended September 30, Ended September 30,
1998 1997 1998 1997
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Basic Earnings
Net income (loss) before minority interest
in earnings (loss) of consolidated
subsidiary (23,576,103) 2,457,506 (1,933,898) 603,015
Minority interest in earnings (loss) of
consolidated subsidiary (77,886) 89,994 (29,346) (4,397)
Preferred Stock dividends (411,287) 0 (119,999) 0
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Net income (loss) available to Common (23,909,504) 2,547,500 (2,024,551) 598,618
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Basic Shares
Weighted average number of Common
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Shares outstanding 10,993,524 10,595,598 11,052,393 10,690,893
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Basic Earnings per Common Share
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Net income (loss) available to Common $ (2.17) $ 0.24 $ (0.18) $ 0.06
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Diluted Earnings
Net income (loss) before minority interest
in earnings (loss) of consolidated
subsidiary (23,576,103) 2,457,506 (1,933,898) 603,015
Minority interest in earnings (loss) of
consolidated subsidiary (77,886) 89,994 (29,346) (4,397)
Preferred stock dividends (411,287) 0 (119,999)
0
Plus interest expense attributable
to Debentures, net of related income
taxes 0 0 51,879
157,788
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Net income (loss) available to Common (23,909,504) 2,705,288 (2,024,551) 650,497
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Diluted Shares
Weighted average number of Common
Shares outstanding 10,993,524 10,595,598 11,052,393 10,690,893
Effect of dilutive securities:
Of shares underlying options 370,242
- 379,244 -
Of shares underlying convertible
Debentures 951,382
- 1,037,070 -
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Diluted Shares 10,993,524 12,011,912 11,052,393 12,012,517
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Diluted Earnings per Common Share
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Net income (loss) $ (2.17) $0.23 $ (0.18) $ 0.05
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