Exhibit 11
AES CORPORATION
STATEMENTS REGARDING COMPUTATION OF EARNINGS PER SHARE
FOR THE PERIODS ENDING MARCH 31, 2000 AND 1999
(Unaudited)
THREE MONTHS ENDED
-------------------------------
March 31, 2000 March 31, 1999
-------------- --------------
($ in millions, except per share amounts)
BASIC
Weighted average shares outstanding 207.1 180.6
======= =======
Income before extraordinary item $ 181.4 $ (13)
Extraordinary Item (7.00) --
------- -------
Net income $ 174.4 $ (13)
======= =======
Basic earnings per share before
Extraordinary item $ 0.88 $ (0.07)
Extraordinary item (0.03) --
------- -------
$ 0.85 $ (0.07)
======= =======
DILUTED
Weighted average number of shares of
common stock outstanding 207.1 180.6
Net effect of dilutive stock options and warrants
based on the treasury stock method using ending
market price 5.0 --
Stock units allocated to the deferred compensation
plans for executives and directors 0.2 --
Effect of tecons-based on the if-converted method 15.1 --
------- -------
Weighted average shares outstanding 227 180.6
======= =======
Income before extraordinary item $ 181.4 $ (13)
Additional contribution to net income if tecons
fully converted 6.8 --
------- -------
Adjusted net income before extraordinary item 188.2 (13)
Extraordinary item (7)
------- -------
Adjusted net income $ 181.2 $ (13)
======= =======
Diluted items per share before extraordinary item 0.83 (0.07)
Extraordinary item (0.03) --
------- -------
Total diluted earnings per share $ 0.80 $ (0.07)
======= =======