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 Nine Months Ended September 30, September 30, 1996 1995 1996 1995 Earnings Per Share - Primary Net income $2,814 $1,594 $9,493 $6,992 ====== ====== ====== ====== Weighted average number of common and common equivalent shares applicable to primary earnings per share calculation 11,509,768 11,393,280 11,495,475 11,384,600 Dilutive effect of stock options 60,460 102,976 60,967 88,519 __________ __________ __________ __________ Weighted average number of shares outstanding 11,570,228 11,496,256 11,556,442 11,473,119 ========== ========== ========== ========== Net income per share - primary $ 0.24 $ 0.14 $0.82 $ 0.61 ========== ========== ========== ========== Earnings Per Share - Assuming Full Dilution Net income $2,814 $ 1,594 $ 9,493 $ 6,992 Plus: Interest on convertible subordinated debt (net of taxes) ---- 109 ---- 326 _________ ________ _________ _________ Net income for fully diluted earnings per share calculation $ 2,814 $ 1,703 $ 9,493 $ 7,318 Weighted average number of common and common equivalent shares applicable to fully diluted earnings per share calculation Weighted average number of shares outstanding 11,509,768 11,393,280 11,495,475 11,384,600 Shares issuable upon conversion of subordinated debt --- 225,989 --- 225,989 Dilutive effect of stock options 98,664 117,821 98,664 117,821 __________ __________ __________ __________ 11,608,432 11,737,090 11,594,139 11,728,410 ========== ========== ========== ========== Net income per share assuming full dilution $ 0.24 $ 0.15 $ 0.82 $ 0.62 ====== ====== ====== ======