EXHIBIT 11
COVANTA ENERGY CORPORATION AND SUBSIDIARIES
DETAILS OF COMPUTATION OF EARNINGS PER SHARE APPLICABLE TO COMMON STOCK
FOR THE THREE MONTHS ENDED JUNE 30,
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2001 2000
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Income Shares Per-Share Income Shares Per-Share
(Numerator) (Denominator) Amount (Numerator) (Denominator) Amount
----------- ------------- ------ ----------- ------------- ------
(In Thousands, Except Per Share Amounts)
Income (loss) from continuing operations $ 14,458 $(10,414)
Less: preferred stock dividend 16 17
-------- --------
Basic Earnings (Loss) Per Share 14,442 49,665 $ 0.29 (10,431) 49,534 $(0.21)
----- -----
Effect of Dilutive Securities:
Stock options 300 (A)
Restricted stock 121 (A)
Convertible preferred stock 16 211 (A)
6% convertible debentures (A) (A)
5 3/4% convertible debentures (A) (A)
---------------------- ----------------------
Diluted Earnings (Loss) Per Share $ 14,458 50,297 $ 0.29 $(10,431) 49,534 $ (0.21)
--------------------------------- ---------------------------------
(A) Antidulitive
Note:
Basic earnings per common share was computed by dividing net income (loss),
reduced by preferred stock dividend requirements, by the weighted average of the
number of shares of common stock outstanding during each period.
Diluted earnings per common share was computed on the assumption that all
convertible debentures, convertible preferred stock, restricted stock and stock
options converted or exercised during each period or outstanding at the end of
each period were converted at the beginning of each period or the date of
issuance or grant, if dilutive. This computation provides for the elimination of
related convertible debenture interest and preferred dividends.
EXHIBIT 11
COVANTA ENERGY CORPORATION AND SUBSIDIARIES
DETAILS OF COMPUTATION OF EARNINGS PER SHARE APPLICABLE TO COMMON STOCK
FOR THE SIX MONTHS ENDED JUNE 30,
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2001 2000
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Income Shares Per-Share Income Shares Per-Share
(Numerator) (Denominator) Amount (Numerator) (Denominator) Amount
----------- ------------- ------ ----------- ------------- ------
(In Thousands, Except Per Share Amounts)
Income (loss) from continuing operations $ 23,873 $(14,588)
Less: preferred stock dividend 33 34
-------- --------
Basic Earnings (Loss) Per Share 23,840 49,637 $ 0.48 (14,622) 49,515 $(0.30)
----- -----
Effect of Dilutive Securities:
Stock options 254 (A)
Restricted stock 105 (A)
Convertible preferred stock 33 212 (A)
6% convertible debentures (A) (A)
5 3/4% convertible debentures (A) (A)
---------------------- ----------------------
Diluted Earnings (Loss) Per Share $ 23,873 50,208 $ 0.48 $(14,622) 49,515 $ (0.30)
--------------------------------- ---------------------------------
(A) Antidulitive
Note:
Basic earnings per common share was computed by dividing net income (loss),
reduced by preferred stock dividend requirements, by the weighted average of the
number of shares of common stock outstanding during each period.
Diluted earnings per common share was computed on the assumption that all
convertible debentures, convertible preferred stock, restricted stock and stock
options converted or exercised during each period or outstanding at the end of
each period were converted at the beginning of each period or the date of
issuance or grant, if dilutive. This computation provides for the elimination of
related convertible debenture interest and preferred dividends.