KEY ENERGY GROUP, INC.
COMPUTATION OF PER SHARE EARNINGS EXHIBIT 11(a)
THREE MONTHS ENDED NOVEMBER 30, 1997 AND 1996
Three Months Ended Three Months Ended
November 30, 1997 November 30, 1996
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(Thousands, except per share Fully- Fully-
amounts) Primary Diluted Primary Diluted
Net Income and Adjusted
Earnings:
Net Income before income taxes
and minority interest $7,831 $7,831 $2,396 $2,396
Effect of interest on debentures - 219 - 975
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Adjusted net income before
income taxes
and minority interest $7,831 $8,050 $2,396 $3,371
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Net Income $4,938 $4,938 $1,554 $1,554
Effect of interest on convertible
debentures, net of tax effect - 138 - 649
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Adjusted net income $4,938 $5,076 $1,554 $2,203
Weighted Average Shares and Share Equivalents Outstanding:
Weighted average shares
outstanding (as reported) 14,126 14,126 10,425 10,425
Common Share equivalents
issuable under
stock option plans 1,453 1,682 347 373
Common share equivalents
issuable on assumed
conversion of WellTech
warrants 86 94 122 150
Common share equivalents
issuable on assumed
conversion of
convertible debentures - 4,259 - 5,333
Common share equivalents
issuable on assumed
conversion of CIT warrants - - - 693
Weighted average shares and share
equivalents outstanding 15,665 20,161 10,894 16,974
Earnings per Share:
Net income before income taxes
and minority interest $0.50 $0.40 $0.22 $0.20
Net income $0.32 $0.25 $0.14 $0.13