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
March 31,
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1997 1996
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PRIMARY EARNINGS PER SHARE (a)
Weighted average shares of common stock outstanding 56,118,485 57,893,038
Effect of issuance of shares from assumed exercise of
stock options (treasury stock method) 927,378 (342,742)
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Weighted average shares 57,045,863 57,550,296
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Net Income $ 7,399 $ 9,433
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Primary earnings per share $ 0.13 $ 0.16
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FULLY DILUTED EARNINGS PER SHARE
Weighted average shares per primary earnings per share
computation 57,045,863 57,550,296
Additional dilutive effect of stock options (treasury stock method) 65,125 80,600
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Weighted average shares 57,110,988 57,630,896
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Net Income $ 7,399 $ 9,433
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Fully diluted earnings per share $ 0.13 $ 0.16
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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
months ended March 31, 1996.