EXHIBIT 11 THE AES CORPORATION FOR THE PERIODS ENDED SEPTEMBER 30, 1999 AND 1998 THREE THREE NINE NINE MONTHS MONTHS MONTHS MONTHS ENDED ENDED ENDED ENDED 9/30/99 9/30/98 9/30/99 9/30/98 ----------- ----------- ------------ --------- BASIC Weighted average shares outstanding 191.9 178.6 186.8 176.4 ----------- ----------- ------------ --------- Income before extraordinary item $ 58 $ 79 $ 116 $ 215 Extraordinary Item -- 2 -- 2 ----------- ----------- ------------ --------- Net Income $ 58 $ 81 $ 116 $ 217 ----------- ----------- ------------ --------- ----------- ----------- ------------ --------- Basic earnings per share before Extraordinary item $ 0.30 $ 0.44 $ 0.62 $ 1.21 Extraordinary item -- 0.01 -- 0.01 ----------- ----------- ------------ --------- $ 0.30 $ 0.45 $ 0.62 $ 1.22 ----------- ----------- ------------ --------- ----------- ----------- ------------ --------- DILUTED Weighted average number of shares of common stock outstanding 191.9 178.6 186.8 176.4 Net effect of dilutive stock options and warrants based on the treasury stock method using ending market price 4.8 4.0 4.5 4.1 Stock units allocated to the deferred compensation plans for executives and 0.2 0.2 0.2 0.2 directors Effect of tecons-based on the -- 6.9 -- 6.9 if-converted method ----------- ----------- ------------ --------- Weighted average shares outstanding 196.9 189.7 191.5 187.6 ----------- ----------- ------------ --------- ----------- ----------- ------------ --------- Income before extraordinary item $ 58 $ 79 $ 116 $ 215 Additional contribution to net income if tecons fully converted -- 3 -- 7 ----------- ----------- ------------ --------- Adjusted net income before extraordinary $ 58 $ 82 $ 116 $ 222 item Extraordinary item -- 2 -- 2 ----------- ----------- ------------ --------- Adjusted net income $ 58 $ 84 $ 116 $ 224 ----------- ----------- ------------ --------- ----------- ----------- ------------ --------- Diluted items per share before $ 0.29 $ 0.43 $ 0.61 $ 1.18 extraordinary item Extraordinary item -- 0.01 -- 0.01 ----------- ----------- ------------ --------- Total diluted earnings per share $ 0.29 $ 0.44 $ 0.61 $ 1.19 ----------- ----------- ------------ --------- ----------- ----------- ------------ ---------