EXHIBIT 11
Page 1 of 2
E'TOWN CORPORATION AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
Three Months Ended
March 31,
1996 1995
_________ _________
PRIMARY
_______
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary $ 3,379,565 $ 3,217,928
Deduct: Preferred Stock Dividends 203,250 203,250
___________ ___________
Net Income Available for
Common Stock $ 3,176,315 $ 3,014,678
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 7,567,850 6,635,574
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 5,627 304
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 7,573,477 6,635,878
___________ ___________
___________ ___________
Primary Earnings
Per Share of Common Stock $ 0.42 $ 0.45
___________ ___________
___________ ___________
ASSUMING FULL DILUTION
______________________
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary 3,379,565 3,217,928
Deduct: Preferred Stock Dividends 203,250 203,250
Add: After Tax Interest Expense
Applicable to 6 3/4% Convertible
Subordinated Debentures 128,531 130,807
___________ ___________
Adjusted Net Income $ 3,304,846 $ 3,145,485
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 7,567,850 6,635,574
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 5,627 304
Assuming Conversion of 6 3/4%
Convertible Subordinated
Debentures (a) 293,749 302,279
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 7,867,226 6,938,157
___________ ___________
___________ ___________
Fully Diluted Earnings
Per Share of Common Stock $ 0.42 $ 0.45
___________ ___________
___________ ___________
(a) Convertible at $40 per share.
EXHIBIT 11
Page 2 of 2
E'TOWN CORPORATION AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
Twelve Months Ended
March 31,
1996 1995
_________ _________
PRIMARY
_______
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary $16,270,170 $13,373,738
Deduct: Preferred Stock Dividends 813,000 808,030
___________ ___________
Net Income Available for
Common Stock $15,457,170 $12,565,708
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 7,323,572 6,443,932
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 3,475 1,363
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 7,327,047 6,445,295
___________ ___________
___________ ___________
Primary Earnings
Per Share of Common Stock $ 2.11 $ 1.95
___________ ___________
___________ ___________
ASSUMING FULL DILUTION
______________________
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary 16,270,170 13,373,738
Deduct: Preferred Stock Dividends 813,000 808,030
Add: After Tax Interest Expense
Applicable to 6 3/4% Convertible
Subordinated Debentures 521,790 538,414
___________ ___________
Adjusted Net Income $15,978,960 $13,104,122
___________ ___________
___________ ___________
SHARES
Weighted Average Number of
Common Shares Outstanding 7,323,572 6,443,932
Assuming Exercise of Options
Reduced by the Number of Shares
Which Could Have Been Purchased
With the Proceeds From Exercise
of Such Options 3,475 1,363
Assuming Conversion of 6 3/4%
Convertible Subordinated
Debentures (a) 296,503 306,789
___________ ___________
Weighted Average Number of Common
Shares Outstanding as Adjusted 7,623,550 6,752,084
___________ ___________
___________ ___________
Fully Diluted Earnings
Per Share of Common Stock $ 2.10 $ 1.94
___________ ___________
___________ ___________
(a) Convertible at $40 per share.