EXHIBIT 11
Page 1 of 3
E'TOWN CORPORATION AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
Three Months Ended
September 30,
1995 1994
_________ _________
PRIMARY
_______
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary $ 5,353,917 $ 3,876,107
Deduct: Preferred Stock Dividends 203,250 203,250
___________ ___________
Net Income Available for
Common Stock $ 5,150,667 $ 3,672,857
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 7,424,527 6,523,535
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 870 1,440
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 7,425,397 6,524,975
___________ ___________
___________ ___________
Primary Earnings
Per Share of Common Stock $ 0.69 $ 0.56
___________ ___________
___________ ___________
ASSUMING FULL DILUTION
______________________
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary 5,353,917 3,876,107
Deduct: Preferred Stock Dividends 203,250 203,250
Add: After Tax Interest Expense
Applicable to 6 3/4% Convertible
Subordinated Debentures 131,647 138,526
___________ ___________
Adjusted Net Income $ 5,282,314 $ 3,811,383
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 7,424,527 6,523,535
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 870 1,440
Assuming Conversion of 6 3/4%
Convertible Subordinated
Debentures (a) 297,605 308,410
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 7,723,002 6,833,385
___________ ___________
___________ ___________
Fully Diluted Earnings
Per Share of Common Stock $ 0.68 $ 0.56
___________ ___________
___________ ___________
(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,
1995 1994
_________ _________
PRIMARY
_______
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary $12,950,257 $ 9,830,035
Deduct: Preferred Stock Dividends 609,750 655,767
___________ ___________
Net Income Available for
Common Stock $12,340,507 $ 9,174,268
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 6,956,184 6,080,955
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 605 3,676
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 6,956,789 6,084,631
___________ ___________
___________ ___________
Primary Earnings
Per Share of Common Stock $ 1.77 $ 1.51
___________ ___________
___________ ___________
ASSUMING FULL DILUTION
______________________
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary 12,950,257 9,830,035
Deduct: Preferred Stock Dividends 609,750 655,767
Add: After Tax Interest Expense
Applicable to 6 3/4% Convertible
Subordinated Debentures 393,555 413,176
___________ ___________
Adjusted Net Income $12,734,062 $ 9,587,444
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 6,956,184 6,080,955
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 605 3,676
Assuming Conversion of 6 3/4%
Convertible Subordinated
Debentures (a) 299,819 309,997
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 7,256,608 6,394,628
___________ ___________
___________ ___________
Fully Diluted Earnings
Per Share of Common Stock $ 1.75 $ 1.50
___________ ___________
___________ ___________
(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,
1995 1994
_________ _________
PRIMARY
_______
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary $16,062,012 $12,351,369
Deduct: Preferred Stock Dividends 808,030 918,267
___________ ___________
Net Income Available for
Common Stock $15,253,982 $11,433,102
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 6,862,187 5,964,783
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 549 4,774
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 6,862,736 5,969,557
___________ ___________
___________ ___________
Primary Earnings
Per Share of Common Stock $ 2.22 $ 1.92
___________ ___________
___________ ___________
ASSUMING FULL DILUTION
______________________
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary 16,062,012 12,351,369
Deduct: Preferred Stock Dividends 808,030 918,267
Add: After Tax Interest Expense
Applicable to 6 3/4% Convertible
Subordinated Debentures 528,835 551,380
___________ ___________
Adjusted Net Income $15,782,817 $11,984,482
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 6,862,187 5,964,783
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 549 4,774
Assuming Conversion of 6 3/4%
Convertible Subordinated
Debentures (a) 301,331 310,608
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 7,164,067 6,280,165
___________ ___________
___________ ___________
Fully Diluted Earnings
Per Share of Common Stock $ 2.20 $ 1.91
___________ ___________
___________ ___________
(a) Convertible at $40 per share.