EXHIBIT 11
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
WPS RESOURCES CORPORATION
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INFORMATION WITH RESPECT TO THE COMPUTATION
OF EARNINGS PER SHARE OF COMMON STOCK Three Months Ended Twelve Months Ended
(Thousands) December 31 December 31
1996 1995 1996 1995
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Shares of common stock at beginning of period 23,887 23,897 23,897 23,897
Shares of common stock purchased for deferred
compensation trust -
Date of deferred Number
compensation trust purchase of Shares
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January 22, 1996 468 1
February 20, 1996 1,027 1
March 21, 1996 1,133 1
April 22, 1996 1,074 1
May 20, 1996 1,119 1
June 20, 1996 1,257 1
July 22, 1996 1,095 1
August 22, 1996 1,627 2
September 24, 1996 1,272 1
October 22, 1996 1,240 1 1
November 20, 1996 1,373 1 1
December 20, 1996 1,536 2 2
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Shares of common stock at end of period 23,883 23,897 23,883 23,897
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Computation of daily weighted average
shares:
Shares of common stock at
beginning of period -
Number Number
of of
Days Shares
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December 31, 1995 365 23,896,962 8,722,391
December 31, 1995 92 23,896,962 - 2,198,521
December 31, 1996 21 23,886,890 501,625 -
December 31, 1996 21 23,896,962 501,836
Shares of common stock after
purchase for deferred compensation trust -
Number Number
of of
Days Shares
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December 31, 1996 29 23,896,493 692,998
December 31, 1996 10 23,895,466 238,955
December 31, 1996 20 23,895,467 477,909
December 31, 1996 32 23,894,334 764,619
December 31, 1996 28 23,893,259 669,011
December 31, 1996 18 23,892,140 430,059
December 31, 1996 13 23,892,141 310,598
December 31, 1996 32 23,890,884 764,508
December 31, 1996 31 23,889,788 740,583
December 31, 1996 33 23,888,162 788,309
December 31, 1996 28 23,886,890 668,833
December 31, 1996 29 23,885,650 692,684 692,684
December 31, 1996 30 23,884,277 716,528 716,528
December 31, 1996 12 23,882,741 286,593 286,593
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Total days - weighted 2,197,430 2,198,521 8,744,023 8,722,391
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Average number of shares of common
stock based on daily
weighted average computations 23,885 23,897 23,891 23,897
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Earnings on common stock, as set forth
in statements of income $3,700 $13,507 $47,755 $55,343
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Earnings per share of common stock based on
weighted average shares $0.16 $0.57 $2.00 $2.32
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The accompanying notes to financial statements are an integral part of these statements.
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