ENERGY RESEARCH CORPORATION
COMPUTATION OF INCOME (LOSS) PER COMMON SHARE
Three Months Six Months
Ended April 30, Ended April 30,
1996 1995 1996 1995
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PRIMARY
Shares outstanding,
beginning of period 3,758,573 3,711,270 3,728,914 3,699,683
Weighted average number of
shares issued, retired and
issuable share equivalents 320,985 262,587 305,626 271,233
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Weighted average number of
common and common equivalent
shares outstanding 4,079,558 3,973,857 4,034,540 3,970,916
========= ========= ========= =========
Net income $ 124,000 $ 185,000 $ 185,000 $ 279,000
========= ========= ========= =========
Net income per common share $ .03 $ .05 $ .05 $ .07
========= ========= ========= =========
FULLY DILUTED
Weighted average number of
common and common equivalent
sharesoutstanding as
adjusted for full dilution 4,275,558 4,193,857 4,230,540 4,190,916
Adjustment for interest,
net of tax, on convertible
long-term debt $ 19,000 $ 20,000 $ 38,000 $ 40,000
========= ========= ========= =========
Adjusted net income $ 143,000 $ 205,000 $ 223,000 $ 319,000
========= ========= ========= =========
Net income per
common share <F1> $ .03 $ .05 $ .05 $ .08
========= ========= ========= =========
<FN>
<F1> These calculations are submitted in accordance with SEC requirements,
although they are not in accordance with APB Opinion No. 15 because they are
anti-dilutive.
</FN>