EXHIBIT 11
Page 1 of 3
E'TOWN CORPORATION AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
Three Months Ended
September 30,
1994 1993
_________ _________
PRIMARY
_______
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary $ 3,876,107 $ 6,316,989
Deduct: Preferred Stock Dividends 203,250 262,500
___________ ___________
Net Income Available for
Common Stock $ 3,672,857 $ 6,054,489
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 6,523,535 5,568,237
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 1,440 9,997
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 6,524,975 5,578,234
___________ ___________
___________ ___________
Primary Earnings
Per Share of Common Stock $ 0.56 $ 1.09
___________ ___________
___________ ___________
ASSUMING FULL DILUTION
______________________
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary 3,876,107 6,316,989
Deduct: Preferred Stock Dividends 203,250 262,500
Add: After Tax Interest Expense
Applicable to 6 3/4% Convertible
Subordinated Debentures 138,526 140,704
___________ ___________
Adjusted Net Income $ 3,811,383 $ 6,195,193
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 6,523,535 5,568,237
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 1,440 9,997
Assuming Conversion of 6 3/4%
Convertible Subordinated
Debentures (a) 308,410 313,261
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 6,833,385 5,891,495
___________ ___________
___________ ___________
Fully Diluted Earnings
Per Share of Common Stock $ 0.56 $ 1.05
___________ ___________
___________ ___________
(a) Convertible at $40 per share.
EXHIBIT 11
Page 2 of 3
E'TOWN CORPORATION AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
Nine Months Ended
September 30,
1994 1993
_________ _________
PRIMARY
_______
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary $ 9,830,035 $12,358,494
Deduct: Preferred Stock Dividends 655,767 787,500
___________ ___________
Net Income Available for
Common Stock $ 9,174,268 $11,570,994
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 6,080,955 5,233,109
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 3,676 7,051
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 6,084,631 5,240,160
___________ ___________
___________ ___________
Primary Earnings
Per Share of Common Stock $ 1.51 $ 2.21
___________ ___________
___________ ___________
ASSUMING FULL DILUTION
______________________
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary 9,830,035 12,358,494
Deduct: Preferred Stock Dividends 655,767 787,500
Add: After Tax Interest Expense
Applicable to 6 3/4% Convertible
Subordinated Debentures 413,176 418,987
___________ ___________
Adjusted Net Income $ 9,587,444 $11,989,981
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 6,080,955 5,233,109
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 3,676 7,051
Assuming Conversion of 6 3/4%
Convertible Subordinated
Debentures (a) 309,997 314,357
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 6,394,628 5,554,517
___________ ___________
___________ ___________
Fully Diluted Earnings
Per Share of Common Stock $ 1.50 $ 2.16
___________ ___________
___________ ___________
(a) Convertible at $40 per share.
EXHIBIT 11
Page 3 of 3
E'TOWN CORPORATION AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
Twelve Months Ended
September 30,
1994 1993
_________ _________
PRIMARY
_______
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary $12,351,369 $15,078,867
Deduct: Preferred Stock Dividends 918,267 1,050,000
___________ ___________
Net Income Available for
Common Stock $11,433,102 $14,028,867
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 5,964,783 5,134,906
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 4,774 6,019
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 5,969,557 5,140,925
___________ ___________
___________ ___________
Primary Earnings
Per Share of Common Stock $ 1.92 $ 2.73
___________ ___________
___________ ___________
ASSUMING FULL DILUTION
______________________
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary 12,351,369 15,078,867
Deduct: Preferred Stock Dividends 918,267 1,050,000
Add: After Tax Interest Expense
Applicable to 6 3/4% Convertible
Subordinated Debentures 551,380 562,119
___________ ___________
Adjusted Net Income $11,984,482 $14,590,986
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 5,964,783 5,134,906
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 4,774 6,019
Assuming Conversion of 6 3/4%
Convertible Subordinated
Debentures (a) 310,608 315,442
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 6,280,165 5,456,367
___________ ___________
___________ ___________
Fully Diluted Earnings
Per Share of Common Stock $ 1.91 $ 2.67
___________ ___________
___________ ___________
(a) Convertible at $40 per share.