EXHIBIT 11
DESTEC ENERGY, INC.
COMPUTATION OF EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
(IN THOUSANDS OF DOLLARS, EXCEPT PER SHARE AMOUNTS)
For the Year Ended
December 31,
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1996 1995
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PRIMARY EARNINGS PER SHARE (a)
Weighted average shares of common stock
outstanding 56,931,645 58,658,966
Effect of issuance of shares from assumed
exercise of stock options (treasury
stock method) 346,571 (66,932)
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Weighted average shares 57,278,216 58,592,034
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Net income $ 42,756 $ 34,700
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Primary earnings per share $ 0.75 $ 0.59
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FULLY DILUTED EARNINGS PER SHARE
Weighted average shares per primary
earnings per share computation 57,278,216 58,592,034
Additional dilutive effect of stock
options (treasury stock method) 71,150 80,600
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Weighted average shares 57,349,366 58,672,643
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Net Income $ 42,756 $ 34,700
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Fully diluted earnings per share $ 0.75 $ 0.59
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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 years
ended December 31, 1996 and 1995.