EXHIBIT 11 TRIGEN ENERGY CORPORATION AND SUBSIDIARIES Computation of Earnings Per Share (All amounts in thousands, except share and per share data) Three Months Ended March 31, 1996 1995 Earnings Per Share - Primary Net income $4,181 $3,258 ======== ======== Weighted average number of common and common equivalent shares applicable to primary earnings per share calculation 11,469,658 11,372,725 Dilutive effect of stock options 77,516 95,293 ---------- ---------- Weighted average number of shares outstanding 11,547,174 11,468,018 ========== ========== Net income per share - primary $0.36 $0.28 ===== ===== Earnings Per Share - Assuming Full Dilution Net income $4,181 $3,258 Plus: Interest on convertible subordinated debt (net of taxes) 157 109 ------- ------- Net income for fully diluted earnings per share calculation $4,338 $3,367 ====== ====== Weighted average number of common and common equivalent shares applicable to fully diluted earnings per share calculation Weighted average number of shares outstanding 11,469,658 11,372,725 Shares issuable upon conversion of subordinated debt 334,012 250,000 Dilutive effect of stock options 100,490 95,293 ---------- ---------- 11,904,160 11,718,018 ========== ========== Net income per share assuming full dilution $0.36 $0.29 ===== =====