1
KEY ENERGY GROUP, INC.
COMPUTATION OF PER SHARE EARNINGS
THREE MONTHS ENDED DECEMBER 31, 1996 AND 1995
Three Months Ended Three Months Ended
December 31, 1996 December 31, 1995
---------------------------------------------
Fully- Fully-
(Thousands, except per share amounts) Primary Diluted Primary Diluted
- ----------------------------------------------------------------------------------------------------
Net Income and Adjusted Earnings:
Net Income before income taxes and
minority interest ................................... $ 3,022 $ 3,022 $ 1,155 $ 1,155
Effect of interest on debentures ......................... - 975 - -
------- ------- ------- -------
Adjusted net income before income taxes
and minority interest ............................... 3,022 3,997 1,155 1,155
======= ======= ======= =======
Net Income ............................................... $ 2,043 $ 2,043 $ 768 $ 768
Effect of interest on convertible
debentures, net of tax effect ....................... - 649 - -
------- ------- ------- -------
Adjusted net income ...................................... 2,043 2,692 768 768
======= ======= ======= =======
Weighted Average Shares and Share Equivalents Outstanding:
Weighted average shares outstanding (as reported) ........ 10,850 10,850 6,914 6,914
Common Share equivalents issuable under
stock option plans .................................. 497 525 - -
Common share equivalents issuable on assumed
conversion of WellTech warrants ..................... 287 319 - -
Common share equivalents issuable on assumed
conversion of convertible debentures ................ - 5,333 - -
Weighted average shares and share
equivalents outstanding ............................. 11,634 17,027 6,914 6,914
Earning per Share:
Net income before income taxes
and minority interest ............................... $ 0.26 $ 0.24 $ 0.17 $ 0.17
Net income ............................................... $ 0.18 $ 0.16 $ 0.11 $ 0.11
2
KEY ENERGY GROUP, INC
COMPUTATION OF PER SHARE EARNINGS
SIX MONTHS ENDED DECEMBER 31, 1996 AND 1995
Six Months Ended Six Months Ended
December 31, 1996 December 31, 1995
----------------------------------------------
Fully- Fully-
(Thousands, except per share amounts) Primary Diluted Primary Diluted
- -----------------------------------------------------------------------------------------------------
Net Income and Adjusted Earnings:
Net Income before income taxes and
minority interest ................................... $ 5,418 $ 5,418 $ 2,224 $ 2,224
Effect of interest on debentures ......................... - 1,950 - -
------- ------- ------- -------
Adjusted net income before income taxes
and minority interest ............................... 5,418 7,368 2,224 2,224
======= ======= ======= =======
Net Income ............................................... $ 3,597 $ 3,597 $ 1,494 $ 1,494
Effect of interest on convertible
debentures, net of tax effect ....................... - 1,297 - -
------- ------- ------- -------
Adjusted net income ...................................... 3,597 4,894 1,494 1,494
======= ======= ======= =======
Weighted Average Shares and Share Equivalents Outstanding:
Weighted average shares outstanding (as reported) ........ 10,635 10,635 6,914 6,914
Common Share equivalents issuable under
stock option plans .................................. 433 525 - -
Common share equivalents issuable on assumed
conversion of WellTech warrants ..................... 218 320 - -
Common share equivalents issuable on assumed
conversion of convertible debentures ................ - 5,333 - -
Weighted average shares and share
equivalents outstanding ............................. 11,286 16,813 6,914 6,914
Earning per Share:
Net income before income taxes
and minority interest ............................... $ 0.48 $ 0.44 $ 0.32 $ 0.32
Net income ............................................... $ 0.32 $ 0.29 $ 0.22 $ 0.22