EXHIBIT 11
CALIFORNIA ENERGY COMPANY, INC.
CALCULATION OF EARNINGS PER SHARE IN
ACCORDANCE WITH INTERPRETIVE RELEASE
NO. 34-9083
(dollars in thousands, except per share
amounts)
___________________
Three Months Ended
Six months Ended
June 30 June 30
1995 1994 1995
1994
Actual weighted average
shares outstanding for the period 49,948,545 33,411,002
44,388,076 34,182,853
Dilutive stock options and warrants
using average market prices 2,207,440 2,472,489
2,348,418 2,644,035
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 52,155,985 35,883,491
46,736,494 36,826,888
Additional dilutive stock options
using ending market price - -
- -
Total shares based on shares out-
standing and the assumption that
dilutive stock options and warrants
will be exercised at ending market
price if more dilutive 52,155,985 35,883,491
46,736,494 36,826,888
Income before extraordinary item $ 13,891 $ 8,379
$ 23,504 $ 16,986
Extraordinary item - -
- (2,007)
Net income 13,891 8,379
23,504 14,979 Less: Series C preferred stock
dividends - 1,236
1,080 2,436 Net income available for common
shareholders $ 13,891 $ 7,143
$ 22,424 $ 12,543
Primary earnings per share before
extraordinary item $ .27 $ .20
$ .48 $ .40
Extraordinary item per share - -
- (.07)
Primary earnings per share $ .27 $ .20
$ .48 $ .34