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 Six Months Ended
June 30 June 30
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1997 1996 1997 1996
PRIMARY:
Net loss $ (1,215) $ (3,062) $ (2,426) $ (4,703)
Dividends on preferred stock (1,912) (416) (3,316) (447)
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Net loss attributable to common stock $ (3,127) $ (3,478) $ (5,742) $ (5,150)
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Weighted average number of shares
common stock outstanding 293,529 263,343 292,673 260,061
Common stock equivalents (computed
using treasury stock method) -- -- -- --
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Average number of shares of common
stock and common stock
equivalents outstanding 293,529 263,343 292,673 260,061
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Net loss per common and common
equivalent share $ (.01) $ (.01) $ (.02) $ (.02)
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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.