EXHIBIT 11
CALPINE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
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1997 1996 1997 1996
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Net income $ 19,147 $ 10,732 $ 24,507 $ 15,155
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Primary earnings per share
Weighted average number of
common shares outstanding 19,976 11,044 19,913 10,606
Conversion of preferred stock -- 2,179 -- 1,541
Common shares issuable upon
exercise of stock options using
the treasury method 1,080 847 722 548
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$ 21,056 $ 14,070 $ 20,635 $ 12,695
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Primary earnings per share $ 0.91 $ 0.76 $ 1.19 $ 1.19
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Fully diluted earnings per share
Weighted average number of
common shares outstanding 19,976 11,044 19,913 10,606
Conversion of preferred stock -- 2,179 -- 1,541
Common shares issuable upon
exercise of stock options using
the treasury method 1,110 1,080 1,110 1,080
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21,086 14,303 $ 21,023 13,227
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Fully diluted earnings per share $ 0.91 $ 0.75 $ 1.17 $ 1.15
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