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 June 30, Six Months Ended June 30, 1996 1995 1996 1995 Earnings Per Share -Primary Net income $2,498 $2,140 $6,679 $5,398 ====== ====== ====== ====== Weighted average number of common and common equivalent shares applicable to primary earnings per share calculation 11,506,844 11,386,362 11,488,251 11,379,581 Dilutive effect of stock options 59,500 64,888 61,902 79,765 ---------- ---------- ---------- ---------- Weighted average number of shares outstanding 11,566,344 11,451,250 11,550,153 11,459,346 ========== ========== ========== ========== Net income per share - primary $ 0.22 $ 0.19 $ 0.58 $0.47 ======= ======= ======= ====== Earnings Per Share - Assuming Full Dilution Net income $ 2,498 $ 2,140 $ 6,679 $ 5,398 Plus: Interest on convertible subordinated debt (net of taxes) 152 109 304 218 ------- ------- ------- ------- Net income for fully diluted earnings per share calculation $ 2,650 $ 2,249 $ 6,983 $ 5,616 ======= ======= ======= ======= Weighted average number of common and common equivalent shares applicable to fully diluted earnings per share calculation Weighted average number of shares outstanding 11,506,844 11,386,362 11,488,251 11,379,581 Shares issuable upon conversion of subordinated debt 264,901 283,688 264,901 283,688 Dilutive effect of stock options 59,500 64,888 61,902 79,765 ---------- ---------- ---------- ---------- 11,831,245 11,734,938 11,815,054 11,743,034 ========== ========== ========== ========== Net income per share assuming full dilution $ 0.22 $ 0.19 $ 0.59 $ 0.48 ====== ====== ====== ======