KEY ENERGY GROUP, INC.
COMPUTATION OF PER SHARE EARNINGS
EXIBIT 11(a) THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
Three Months Ended Three Months Ended
September 30, September 30,
1996 1995
Fully- Fully-
(Thousands, except per share amounts) Primary Diluted Primary Diluted
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Net Income and Adjusted Earnings:
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Net Income before income taxes and
minority interest $2,396 $2,396 $1,069 $1,069
Effect of interest on debentures - 975 - -
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Adjusted net income before income
taxes and minority interest $2,396 $3,371 $1,069 $1,069
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Net Income $1,554 $1,554 $ 726 $ 726
Effect of interest on convertible
debentures, net of tax effect - 649 - -
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Adjusted net income $1,554 $2,203 $ 726 $ 726
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Weighted Average Shares and Share
Equivalents Outstanding:
- ---------------------------------
Weighted average shares outstanding
(as reported) 10,425 10,425 6,914 6,914
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Common share equivalents issuable
under stock option plans 347 373 - -
Common share equivalents issuable on
assumed conversion of
WellTech warrants 122 150 - -
Common share equivalents issuable on
assumed conversion of
convertible debentures - 5,333 - -
Common share equivalents issuable for
interest on assumed conversion of
convertible debentures - 693 - -
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Weighted average shares and share
equivalents outstanding 10,894 16,974 6,914 6,914
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Earnings per Share:
Net income before income taxes
and minority interest $0.22 $0.20 $0.15 $0.15
Net income $0.14 $0.13 $0.11 $0.11