Exhibit 11.0
California Energy Company, Inc.
Calculation of Earnings per share in Accordance
with Interpretive Release No. 34-9083
for the three years ended December 31, 1993
(dollars in thousands, except per share amounts)
1993 1992 1991
Actual weighted average shares
outstanding for the period 35,454,539 33,414,129 29,847,156
Dilutive stock options and warrants using
average market prices 3,030,431 3,330,618 4,844,869
Preferred stock --- 786,712 779,405
Total number of shares based on shares
outstanding and the assumption that dilutive
stock options and warrants will be exercised
at average stock market prices 38,484,971 37,531,469 35,470,430
Additional dilutive stock options and
warrants using ending market price --- 1,282,223 992,394
Total shares based on shares outstanding and
the assumption that dilutive stock options
and warrants will be exercised at ending
market price. 38,484,971 38,813,692 36,463,829
Income before change in accounting
principle and extraordinary item $ 43,074 $ 38,810 $ 26,582
Cumulative effect of change in accounting
principle. 4,100 --- ---
Extraordinary item --- (4,991) ---
Net income 47,174 33,819 26,582
Less: Series C preferred stock dividends (4,630) (4,275) ---
Net Income available for common shares $ 42,544 $ 29,544 $ 26,582
Primary earnings per share before change in
accounting principle and extraordinary item $ 1.00 $ .92 $ .75
Primary earnings per share $ 1.11 $ .79 $ .75
Fully diluted earnings per share before change
in accounting principle and extraordinary item
based on SEC Interpretive Release No. 34-9083 $ 1.00 $ .89 $ .73
Fully diluted earnings per share based
on SEC interpretive release No. 34-9083 $ 1.11 $ .76 $ .73