BOX ENERGY CORPORATION COMPUTATION OF INCOME PER SHARE Exhibit 11.1 (In thousands, except per share amounts) For the year ended December 31, 1996 ------------------------------------ Net income (loss for primary income (loss) per share $ (7,662) $ 5,392 Interest expense on 8 1/4% convertible subordinated notes 4,544 4,544 Income tax effect (assumed to be 35% (1,590) (1,590) ------------ ----------- Net income (loss) for fully-diluted income (loss) per share $ (4,708) $ 8,346 ============ =========== Primary income (loss) per share $ (0.37) $ 0.26 ============ =========== Fully-diluted income (loss) per share $ (0.18) $ 0.32 ============ =========== Calculation of weighted average shares Class A (Voting) Common Stock 3,250 3,250 Class B (Non-voting) Common Stock 17,553 17,553 Stock options considered common stock equivalents 0 0 ------------ ----------- Total shares used for primary income (loss) per share 20,803 20,803 Contingent shares from remaining stock options granted 302 312 Contingent shares from 8 1/4% convertible subordinated notes 5,007 5,007 ------------ ----------- Total shares used for fully-diluted income (loss) per share 26,112 26,122 ============ ===========