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EXHIBIT 11.1 STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
OPTIMA PETROLEUM CORPORATION
COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE (UNAUDITED)
YEAR ENDED DECEMBER 31, 1997, DECEMBER 31, 1996 AND DECEMBER 31, 1995
AND THREE MONTHS ENDED MARCH 31, 1998 AND MARCH 31, 1997
Three Three Months Year Ended Year Ended Year Ended
Months ended March December December December
Ended March 31,1997 31,1997 31,1996 31,1995
31,1998
NET INCOME (LOSS) $(1,000) $208 $(4,835) $229 $(1,155)
======== ==== ======== ==== ========
PRIMARY SHARES
weighted average
common shares outstanding 11,002,346 11,313,653 11,159,663 10,945,927 9,031,583
Stock options and warrants - - - - -
- - -- - -
weighted average common
and common equivalents
share outstanding 11,002,346 11,313,653 11,159,663 10,945,927 9,031,583
========== ========== ========== ========== =========
PRIMARY EARNINGS (LOSS)
PER SHARE $(0.09) $0.02 $(0.43) $0.02 $(0.13)
======= ===== ======= ===== =======
FULLY DILUTED SHARES
weighted average common
shares outstanding 11,002,346 11,313,653 11,159,663 10,945,927 9,031,858
Stock options and warrants 1,163,000 1,163,000 1,163,000 2,537,727 2,330,227
--------- --------- --------- --------- ---------
weighted averaged common
shares outstanding 12,165,346 12,476,653 12,322,663 13,483,654 11,362,085
========== ========== ========== ========== ==========
FULLY DILUTED EARNINGS (LOSS) $(0.09) $0.02 $(0.43) $0.02 $(0.13)
PER SHARE ======= ===== ======= ===== =======
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Note 1: In respect of net income for the three months ended March 31,1997 and
the year ended December 31,1996, stock option and warrant exercise prices
exceeded the market value of the stock at the end of the period. Accordingly the
inclusion of these stock options and warrants in the calculation of earnings
(loss) per share would be anti-dilutive.
Note 2: Due to net losses in three months ended March 31,1998, the year ended
December 31, 1997 and December 31,1995 common stock equivalents were not
included as they would be anti-dilutive.
Note 3: A Statement Re: Computation of Per Share Earnings for Amex has not been
prepared as it is a private LLC.
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