E'TOWN CORPORATION AND SUBSIDIARIES Exhibit 11
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
Three Months Ended
September 30,
1996 1995
PRIMARY
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary $ 4,657,202 $ 5,353,917
Deduct: Preferred Stock Dividends 203,250 203,250
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Net Income Available for Common Stock $ 4,453,952 $ 5,150,667
=========== ===========
SHARES
Weighted Average Number of Common Shares
Outstanding 7,703,523 7,424,527
Assuming Exercise of Options Reduced by the
Number of Shares Which Could Have Been Purchased
With the Proceeds From Exercise of Such Options 5,662 870
----------- -----------
Weighted Average Number of Common Shares
Outstanding As Adjusted 7,709,185 7,425,397
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Primary Earnings Per Share of Common Stock $ 0.58 $ 0.69
=========== ===========
ASSUMING FULL DILUTION
EARNINGS
Income Before Preferred Stock Dividends of
Subsidiary $ 4,657,202 $ 5,353,917
Deduct: Preferred Stock Dividends 203,250 203,250
Add: After Tax Interest Expense Applicable to
6 3/4% Convertible Subordinated Debentures 128,667 131,647
----------- -----------
Adjusted Net Income $ 4,582,619 $ 5,282,314
=========== ===========
SHARES
Weighted Average Number of Common Shares
Outstanding 7,703,523 7,424,527
Assuming Exercise of Options Reduced by the
Number of Shares Which Could Have Been Purchased
With the Proceeds 5,662 870
From Exercise of Such Options Assuming Conversion
of 6 3/4% Convertible Subordinated Debentures (a) 290,868 297,605
----------- -----------
Weighted Average Number of Common Shares
Outstanding 8,000,053 7,723,002
----------- -----------
Fully Diluted Earnings Per Share of Common Stock $ 0.57 $ 0.68
=========== ===========
(a) Convertible at $40 per share.
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E'TOWN CORPORATION AND SUBSIDIARIES Exhibit 11
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
Nine Months Ended
September 30,
1996 1995
PRIMARY
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary $12,157,964 $12,950,257
Deduct: Preferred Stock Dividends 609,750 609,750
----------- -----------
Net Income Available for Common Stock $11,548,214 $12,340,507
=========== ===========
SHARES
Weighted Average Number of Common Shares
Outstanding 7,637,176 6,956,184
Assuming Exercise of Options Reduced by the
Number of Shares Which Could Have Been Purchased
With the Proceeds From Exercise of Such Options 4,499 605
----------- -----------
Weighted Average Number of Common Shares
Outstanding As Adjusted 7,641,675 6,956,789
----------- -----------
Primary Earnings Per Share of Common Stock $ 1.51 $ 1.77
=========== ===========
ASSUMING FULL DILUTION
EARNINGS
Income Before Preferred Stock Dividends of
Subsidiary $12,157,964 $12,950,257
Deduct: Preferred Stock Dividends 609,750 609,750
Add: After Tax Interest Expense Applicable to
6 3/4% Convertible Subordinated Debentures 385,601 393,555
----------- -----------
Adjusted Net Income $11,933,815 $12,734,062
=========== ===========
SHARES
Weighted Average Number of Common Shares
Outstanding 7,637,176 6,956,184
Assuming Exercise of Options Reduced by the
umber of Shares Which Could Have Been Purchased
With the Proceeds 4,499 605
From Exercise of Such OptionsAssuming Conversion of
6 3/4% Convertible Subordinated Debentures (a) 292,686 299,819
----------- -----------
Weighted Average Number of Common Shares
Outstanding 7,934,361 7,256,608
----------- -----------
Fully Diluted Earnings Per Share of Common Stock $ 1.50 $ 1.75
=========== ===========
(a) Convertible at $40 per share.
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E'TOWN CORPORATION AND SUBSIDIARIES Exhibit 11
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
Twelve Months Ended
September 30,
1996 1995
PRIMARY
EARNINGS
Income Before Preferred Stock
Dividends of Subsidiary $15,316,240 $16,062,012
Deduct: Preferred Stock Dividends 813,000 808,030
----------- -----------
Net Income Available for Common Stock $14,503,240 $15,253,982
=========== ===========
SHARES
Weighted Average Number of Common Shares
Outstanding 7,602,466 6,862,187
Assuming Exercise of Options Reduced by the
Number of Shares Which Could Have Been Purchased
With the Proceeds From Exercise of Such Options 5,068 549
----------- -----------
Weighted Average Number of Common Shares
Outstanding As Adjusted 7,607,534 6,862,736
----------- -----------
Primary Earnings Per Share of Common Stock $ 1.91 $ 2.22
=========== ===========
ASSUMING FULL DILUTION
EARNINGS
Income Before Preferred Stock Dividends of
Subsidiary $15,316,240 $16,062,012
Deduct: Preferred Stock Dividends 813,000 808,030
Add: After Tax Interest Expense Applicable to
6 3/4% Convertible Subordinated Debentures 516,112 528,835
----------- -----------
Adjusted Net Income $15,019,352 $15,782,817
=========== ===========
SHARES
Weighted Average Number of Common Shares
Outstanding 7,602,466 6,862,187
Assuming Exercise of Options Reduced by the
Number of Shares Which Could Have Been
Purchased With the Proceeds 5,068 549
From Exercise of Such OptionsAssuming Conversion
of 6 3/4% Convertible Subordinated Debentures (a) 293,276 301,331
----------- -----------
Weighted Average Number of Common Shares
Outstanding 7,900,810 7,164,067
----------- -----------
Fully Diluted Earnings Per Share of Common Stock $ 1.90 $ 2.20
=========== ===========
(a) Convertible at $40 per share.
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