EXHIBIT 11(a)
KEY ENERGY GROUP, INC.
COMPUTATION OF PER SHARE EARNINGS
THREE MONTHS ENDED MARCH 31, 1997 AND 1996
Three Months Ended Three Months Ended
March 31, 1997 March 31, 1996
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Fully- Fully-
(Thousands, except per share amounts) Primary Diluted Primary Diluted
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Net Income and Adjusted Earnings:
Net Income before income taxes and
minority interest $3,563 $3,563 $1,244 $1,244
Effect of interest on debentures - 975 - -
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Adjusted net income before income taxes
and minority interest $3,563 $4,538 $1,244 $1,244
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Net Income $2,365 $2,365 $827 $827
Effect of interest on convertible
debentures, net of tax effect - 649 - -
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Adjusted net income $2,365 $3,014 $827 $827
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Weighted Average Shares and Share Equivalents Outstanding:
Weighted average shares outstanding (as reported) 11,612 11,612 6,981 6,981
Common Share equivalents issuable under
stock option plans 563 593 - -
Common share equivalents issuable on assumed
conversion of WellTech warrants 361 395 - 5
Common share equivalents issuable on assumed
conversion of convertible debentures - 5,333 - -
Common share equivalents issuable on assumed
conversion of CIT warrants 36 44
Weighted average shares and share
equivalents outstanding 12,572 17,977 6,981 6,986
Earning per Share:
Net income before income taxes
and minority interest $0.28 $0.25 $0.18 $0.18
Net income $0.19 $0.17 $0.12 $0.12
KEY ENERGY GROUP, INC.
COMPUTATION OF PER SHARE EARNINGS
NINE MONTHS ENDED MARCH 31, 1997 AND 1996
Nine Months Ended Nine Months Ended
March 31, 1997 March 31, 1996
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Fully- Fully-
(Thousands, except per share amounts) Primary Diluted Primary Diluted
- ------------------------------------------------------------------------------------------------------------------------
Net Income and Adjusted Earnings:
Net Income before income taxes and
minority interest $8,981 $8,981 $3,468 $3,468
Effect of interest on debentures - 2,925 - -
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Adjusted net income before income taxes
and minority interest $ 8,981 $ 11,906 $ 3,468 $ 3,468
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Net Income $5,962 $5,962 $2,321 $2,321
Effect of interest on convertible
debentures, net of tax effect - 1,945 - -
============ =========== ============ ============
Adjusted net income $5,962 $7,907 $2,321 $2,321
============ =========== ============ ============
Weighted Average Shares and Share Equivalents Outstanding:
Weighted average shares outstanding (as reported) 10,961 10,961 6,981 6,981
Common Share equivalents issuable under
stock option plans 488 593 - -
Common share equivalents issuable on assumed
conversion of WellTech warrants 279 395 - 5
Common share equivalents issuable on assumed
conversion of convertible debentures - 5,333 - -
Common share equivalents issuable on assumed
conversion of CIT warrants 9 22
Weighted average shares and share
equivalents outstanding 11,737 17,304 6,981 6,986
Earning per Share:
Net income before income taxes
and minority interest $0.76 $0.69 $0.50 $0.50
Net income $0.51 $0.46 $0.33 $0.33