XCL Ltd. and Subsidiaries
Exhibit 11- Computation of Earnings Per Common and Common
Equivalent Share
(Amounts in thousands except, per share amounts)
Three Months Ended Nine Months Ended
September 30 September 30
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1995 1994 1995 1994
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PRIMARY:
Loss before extraordinary item $ (10,496) $ (9,720) $ (25,371) $ (22,727)
Extraordinary charge for early
extinguishment of debt -- -- -- (1,742)
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Net loss (10,496) (9,720) (25,371) (24,469)
Dividends on preferred stock (103) -- (2,567) (2,554)
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Net loss attributable to common stock $ (10,599) $ (9,720) $ (27,938) $ (27,023)
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Weighted average number of shares
common stock outstanding 242,533 210,485 238,029 187,217
Common stock equivalents (computed
using treasury stock method) -- -- -- --
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Average number of shares of common
stock and common stock equivalents
outstanding 242,533 210,485 238,029 187,217
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Net loss per common and common equivalent share:
Net loss before extraordinary item $ (.04) $ (.05) $ (.11) $ (.13)
Extraordinary item -- -- -- (.01)
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Net loss per common and common
equivalent share $ (.04) $ (.05) $ (.11) $ (.14)
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FULLY DILUTED:
Fully diluted net loss per common
and common equivalent share (1) (1) (1) (1)
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(1) All amounts are anti-dilutive or immaterial and therefore not
presented in the financial statements.