EXHIBIT 11
DENBURY RESOURCES INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
Year Ended December 31,
----------------------------------------
1996 1995 1994
---------- ---------- ---------
CANADIAN GAAP (Amounts in thousands except per share
amounts)
PRIMARY EPS:
Weighted average shares outstanding 13,104 6,870 6,240
---------- ---------- ---------
Net income $ 8,744 $ 714 $ 1,163
---------- ---------- ---------
PRIMARY EARNINGS PER COMMON SHARE $ 0.67 $ 0.10 $ 0.19
========== ========== =========
FULLY DILUTED EPS:
Weighted average shares outstanding 13,104 6,870 6,240
Assumed conversions:
Convertible debentures 391 (a) (a)
Warrants 750 (a) (a)
Stock options 1,053 (a) (a)
Convertible preferred (a) (b) (b)
---------- ---------- ---------
ADJUSTED SHARES OUTSTANDING 15,298 6,870 6,240
---------- ---------- ---------
Net income $ 8,744 $ 714 $ 1,163
Adjustments:
Interest on subordinated debentures 126 (a) (a)
Interest on warrant proceeds 245 (a) (a)
Interest on option proceeds 365 (a) (a)
Imputed preferred dividend (a) (b) (b)
---------- ---------- ---------
ADJUSTED NET INCOME $ 9,480 $ 714 $ 1,163
---------- ---------- ---------
FULLY DILUTED EARNINGS PER COMMON SHARE $ 0.62 $ 0.10 $ 0.19
========== ========== =========
<FN>
(a) Anti-dilutive or immaterial
(b) Not applicable for this period
</FN>
1
EXHIBIT 11
DENBURY RESOURCES INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
Year Ended December 31,
-------------------------------------
1996 1995 1994
-------- --------- ---------
U.S. GAAP (Amounts in thousands except per
share amounts)
PRIMARY EPS:
Weighted average shares outstanding 13,104 6,870 6,240
Net adjustments after assumed repurchases of stock with proceeds from:
Warrants 280 (a) (a)
Stock options 221 (a) (a)
-------- --------- ---------
ADJUSTED SHARES OUTSTANDING 13,605 6,870 6,240
-------- --------- ---------
NET INCOME $ 8,744 $ 714 $ 1,163
-------- --------- ---------
PRIMARY EARNINGS PER COMMON SHARE $ 0.64 $ 0.10 $ 0.19
========= ========= =========
FULLY DILUTED EPS:
Weighted average shares outstanding 13,104 6,870 6,240
Assumed Conversions:
Convertible debentures 391 (a) (a)
Net adjustments after assumed repurchases of stock with proceeds from:
Warrants 402 (a) (a)
Stock options 397 (a) (a)
Convertible preferred (a) (b) (b)
--------- -------- ---------
ADJUSTED SHARES OUTSTANDING 14,294 6,870 6,240
--------- -------- ---------
Net income $ 8,744 $ 714 $ 1,163
Adjustments:
Interest on subordinated debentures 220 (a) (a)
Imputed preferred dividend (a) (b) (b)
--------- -------- ---------
ADJUSTED NET INCOME $ 8,935 $ 714 $ 1,163
--------- -------- ---------
FULLY DILUTED EARNINGS PER COMMON SHARE $ 0.63 $ 0.10 $ 0.19
========= ========= =========
<FN>
(a) Anti-dilutive or immaterial
(b) Not applicable for this period
</FN>
2