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
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September 30 September 30
1996 1995 1996 1995
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PRIMARY:
Net loss $ (1,733) $ (10,496) $ (6,436) $ (25,371)
Dividends on preferred stock (113) (103) (560) (2,567)
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Net loss attributable to common stock $ (1,846) $ (10,599) $ (6,996) $ (27,938)
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Weighted average number of shares
common stock outstanding 267,542 242,533 262,651 238,029
Common stock equivalents
(computed using treasury stock method) -- -- -- --
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Average number of shares of common
stock and common stock
equivalents outstanding 267,542 242,533 262,651 238,029
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Net loss per common and common
equivalent share $ (.01) $ (.04) $ (.03) $ (.11)
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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.