EXHIBIT 11
CALPINE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
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1997 1996 1997 1996
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Net income (loss) $ 9,400 $ 4,717 $ 5,360 $ 4,423
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Primary earnings per share
Weighted average number of
common shares outstanding 19,911 10,388 19,882 10,388
Conversion of preferred stock -- 2,179 -- 1,221
Common shares issuable upon
exercise of stock options using
the treasury method 1,087 795 543 398
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20,998 13,362 20,425 12,007
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Primary earnings per share $ 0.45 $ 0.35 $ 0.26 $ 0.37
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Fully diluted earnings per share
Weighted average number of
common shares outstanding 19,911 10,388 19,882 10,388
Conversion of preferred stock -- 2,179 -- 1,221
Common shares issuable upon
exercise of stock options using
the treasury method 1,106 795 1,106 795
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21,017 13,362 20,988 12,404
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Fully diluted earnings per share $ 0.45 $ 0.35 $ 0.26 $ 0.36
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