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
1997 1996 1997 1996
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Shares of common stock at beginning of period 23,867 23,887 23,883 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 20, 1997 2 2
February 20, 1997 1 1
March 20, 1997 2 2
April 21, 1997 2 2
May 20, 1997 2 2
June 20, 1997 2 2
July 21, 1997 2 2
August 20, 1997 1 1
September 23, 1997 2 2
October 21, 1997 1 1 1
November 20, 1997 1 1 1
December 22, 1997 1 1 1
January 22, 1996 1 1
February 20, 1996 1 1
March 21, 1996 1 1
April 22, 1996 1 1
May 20, 1996 1 1
June 20, 1996 1 1
July 22, 1996 1 1
August 22, 1996 2 2
September 24, 1996 1 1
October 22, 1996 1 1 1
November 20, 1996 1 1 1
December 20, 1996 2 2 2
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Shares of common stock at end of period 23,864 23,883 23,864 23,883
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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, 1996 21 23,887 501,627
December 31, 1996 21 23,897 501,837
December 31, 1997 20 23,867 477,340
December 31, 1997 19 23,883 453,777
Shares of common stock after
purchase for deferred compensation trust -
Number Number
of of
Days Shares
------ ------
December 31, 1996 29 23,896 692,984
December 31, 1996 10 23,895 238,950
December 31, 1996 20 23,895 477,900
December 31, 1996 32 23,894 764,608
December 31, 1996 28 23,893 669,004
December 31, 1996 18 23,892 430,056
December 31, 1996 13 23,892 310,596
December 31, 1996 32 23,891 764,512
December 31, 1996 31 23,890 740,590
December 31, 1996 33 23,888 788,304
December 31, 1996 28 23,887 668,836
December 31, 1996 29 23,886 692,694 692,694
December 31, 1996 30 23,884 716,520 716,520
December 31, 1996 12 23,883 286,596 286,596
December 31, 1997 31 23,881 740,311
December 31, 1997 28 23,879 668,612
December 31, 1997 32 23,877 764,064
December 31, 1997 29 23,876 692,404
December 31, 1997 31 23,874 740,094
December 31, 1997 31 23,872 740,032
December 31, 1997 30 23,870 716,100
December 31, 1997 34 23,869 811,546
December 31, 1997 28 23,867 668,276
December 31, 1997 30 23,866 715,980 715,980
December 31, 1997 32 23,865 763,680 763,680
December 31, 1997 10 23,864 238,640 238,640
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Total days - weighted 2,195,640 2,197,437 8,713,516 8,743,987
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Average number of shares of common
stock based on daily
weighted average computations 23,866 23,885 23,873 23,891
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Earnings on common stock, as set forth
in statements of income $13,033 $3,730 $53,742 $47,755
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Earnings per share of common stock based on
weighted average shares $0.55 $0.17 $2.25 $2.00
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