E'TOWN CORPORATION AND SUBSIDIARIES Exhibit 11
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
Three Months Endded
June 30,
1996 1995
PRIMARY ------ ------
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary $ 4,121,197 $ 4,378,412
Deduct: Preferred Stock Dividends 203,250 203,250
------------ ------------
Net Income Available for Common Stock $ 3,917,947 $ 4,175,162
============ ============
SHARES
Weighted Average Number of Common Shares
Outstanding 7,639,425 6,799,782
Assuming Exercise of Options
Reduced by the Number of Shares Which Could
Have Been Purchased With the Proceeds
From Exercise of Such Options 2,197 634
Weighted Average Number of Common Shares ------------ -------------
Outstanding As Adjusted 7,641,622 6,800,416
------------ ------------
Primary Earnings Per Share of Common Stock $ 0.51 $ 0.61
============ ============
ASSUMING FULL DILUTION
EARNINGS
Income Before Preferred Stock Dividends of
Subsidiary 4,121,197 4,378,412
Deduct: Preferred Stock Dividends 203,250 203,250
Add: After Tax Interest Expense Applicable
to 6 3/4% Convertible Subordinated Debentures 128,403 131,101
------------ ------------
Adjusted Net Income $ 4,046,350 $ 4,306,263
============ ============
SHARES
Weighted Average Number of Common Shares
Outstanding 7,639,425 6,799,782
Assuming Exercise of Options Reduced by the
Number of Shares Which Could Have Been
Purchased With the Proceeds From Exercise
of Such Options 2,197 634
Assuming Conversion of 6 3/4% Convertible
Subordinated Debentures (a) 293,461 299,626
Weighted Average Number of Common Shares ------------ ------------
Outstanding 7,935,083 7,100,042
============ ============
Fully Diluted Earnings Per Share of
Common Stock $ 0.51 $ 0.61
============ ============
(a) Convertible at $40 per share.
Page 1 of 3
E'TOWN CORPORATION AND SUBSIDIARY Exhibit 11
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
Six Months Ended
June 30,
1996 1995
PRIMARY ------ ------
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary $ 7,500,762 $ 7,596,340
Deduct: Preferred Stock Dividends 406,500 406,500
------------ ------------
Net Income Available for Common Stock $ 7,094,262 $ 7,189,840
============ ============
SHARES
Weighted Average Number of Common Shares
Outstanding 7,603,638 6,718,132
Assuming Exercise of Options Reduced by the
Number of Shares Which Could Have Been
Purchased With the Proceeds From Exercise
of Such Options 3,912 469
Weighted Average Number of Common Shares ------------ ------------
Outstanding As Adjusted 7,607,550 6,718,601
------------ ------------
Primary Earnings Per Share of Common Stock $ 0.93 $ 1.07
============ ============
ASSUMING FULL DILUTION
EARNINGS
Income Before Preferred Stock Dividends
of Subsidiary 7,500,762 7,596,340
Deduct: Preferred Stock Dividends 406,500 406,500
Add: After Tax Interest Expense Applicable
to 6 3/4% Convertible Subordinated Debentures 256,934 261,908
------------ ------------
Adjusted Net Income $ 7,351,196 $ 7,451,748
============ ============
SHARES
Weighted Average Number of Common Shares
Outstanding 7,603,638 6,718,132
Assuming Exercise of Options Reduced by the
Number of Shares Which Could Have Been
Purchased With the Proceeds From Exercise
of Such Options 3,912 469
Assuming Conversion of 6 3/4%
Convertible Subordinated Debentures (a) 293,605 300,946
Weighted Average Number of Common Shares ------------ ------------
Outstanding 7,901,155 7,019,547
------------ ------------
Fully Diluted Earnings Per Share of
Common Stock $ 0.93 $ 1.06
============ ============
(a) Convertible at $40 per share.
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E'TOWN CORPORATION AND SUBSIDIARY Exhibit 11
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
Twelve Months Ended
June 30,
1996 1995
PRIMARY ------ ------
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary $ 16,012,955 $ 14,584,202
Deduct: Preferred Stock Dividends 813,000 808,030
------------ ------------
Net Income Available for Common Stock $ 15,199,955 $ 13,776,172
============ ============
SHARES
Weighted Average Number of Common Shares
Outstanding 7,532,336 6,635,088
Assuming Exercise of Options Reduced by the
Number of Shares Which Could Have Been
Purchased With the Proceeds From Exercise
of Such Options 3,863 692
Weighted Average Number of Common Shares ------------ ------------
Outstanding As Adjusted 7,536,199 6,635,780
------------ ------------
Primary Earnings Per Share of Common Stock $ 2.02 $ 2.08
============ ============
ASSUMING FULL DILUTION
EARNINGS
Income Before Preferred Stock Dividends
of Subsidiary 16,012,955 14,584,202
Deduct: Preferred Stock Dividends 813,000 808,030
Add: After Tax Interest Expense Applicable
to 6 3/4% Convertible Subordinated Debentures 519,092 533,615
------------ ------------
Adjusted Net Income $ 15,719,047 $ 14,309,787
============ ============
SHARES
Weighted Average Number of Common Shares
Outstanding 7,532,336 6,635,088
Assuming Exercise of Options Reduced by the
Number of Shares Which Could Have Been
Purchased With the Proceeds From Exercise
of Such Options 3,863 692
Assuming Conversion of 6 3/4%
Convertible Subordinated Debentures (a) 294,970 304,055
Weighted Average Number of Common Shares ------------ ------------
Outstanding 7,831,169 6,939,835
------------ ------------
Fully Diluted Earnings Per Share of Common
Stock $ 2.01 $ 2.06
============ ============
(a) Convertible at $40 per share.
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