EXHIBIT 11
DESTEC ENERGY, INC.
COMPUTATION OF EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
(In Thousands of Dollars, except per share amounts)
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
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1996 1995 1996 1995
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PRIMARY EARNINGS PER SHARE (a)
Weighted average shares of common stock outstanding 56,016,715 58,749,878 57,016,250 58,761,815
Effect of issuance of shares from assumed exercise
of stock options (treasury stock method) (436,666) (188,211) (436,666) (188,211)
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Weighted average shares 55,580,049 58,561,667 56,579,584 58,573,604
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Net Income $ 18,263 $ 14,684 $ 35,335 $ 29,677
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Primary earnings per share $ 0.33 $ 0.25 $ 0.62 $ 0.51
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FULLY DILUTED EARNINGS PER SHARE
Weighted average shares per primary earnings per
share computation 55,580,049 58,561,667 56,579,584 58,573,604
Additional dilutive effect of stock options
(treasury stock method) 74,100 85,700 74,100 85,700
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Weighted average shares 55,654,149 58,647,367 56,653,684 58,659,304
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Net Income $ 18,263 $ 14,684 $ 35,335 $ 29,677
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Fully diluted earnings per share $ 0.33 $ 0.25 $ 0.62 $ 0.51
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(a) This calculation is submitted in accordance with Regulation S-K item 601(b)(11) although it is contrary to paragraphs 14,30
and 40 of APB Opinion No.15 because it produces antidilutive results for the three and nine month periods ended September 30,
1996 and 1995.