EXHIBIT 11
CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
STATEMENT OF NET INCOME PER SHARE
(in thousands, except per share data)
THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31, MARCH 31,
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1997 1996 1997 1996
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PRIMARY INCOME PER SHARE
Computation for statement of income
Net income per statement of income
Income before extraordinary item $ 16,105 $ 7,623 $ 41,026 $ 15,997
Extraordinary item (177) - (6,620) -
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Net income $ 15,928 $ 7,623 $ 34,406 $ 15,997
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Weighted average
Common shares outstanding 69,534 53,529 64,478 53,529
Adjustment to weighted average
common shares outstanding:
Add dilutive effect of:
Employee Options 3,959 4,941 4,205 4,455
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Weighted average common shares and common
equivalent shares outstanding, as adjusted 73,493 58,470 68,683 57,984
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Primary net income per common share:
Income before extraordinary item $ .22 $ .13 $ .60 $ .28
Extraordinary item - - (.10) -
-------- -------- -------- --------
Net income $ .22 $ .13 $ .50 $ .28
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FULLY DILUTED INCOME PER SHARE
Net income per statement of income
Income before extraordinary item $ 16,105 $ 7,623 $ 41,026 $ 15,997
Extraordinary item (177) - (6,620) -
-------- -------- -------- --------
Net income $ 15,928 $ 7,623 $ 34,406 $ 15,997
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Weighted average
Common shares outstanding 69,534 53,529 64,478 53,529
Adjustment to weighted average
common shares outstanding:
Add fully dilutive effect of:
Employee Options 3,959 5,113 4,202 5,163
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Weighted average common shares and common
equivalent shares outstanding, as adjusted 73,493 58,642 68,680 58,692
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Fully diluted net income per common share:
Income before extraordinary item $ .22 $ .13 $ .60 $ .27
Extraordinary item - - (.10) -
-------- -------- -------- ---------
Net income $ .22 $ .13 $ .50 $ .27
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