EXHIBIT 11 Trigen Energy Corporation and Subsidiaries Computation of Earnings Per Share (In thousands, except per share data) Year ended December 31, ---------------------------------------- 1998 1997 1996 1995 1994 ---- ---- ---- ---- ---- Basic earnings per common share - -------------------------------- Earnings before extraordinary item $6,557 $5,025 $14,051 $10,564 $8,561 Average equivalent shares Common shares outstanding 12,007 12,011 11,612 11,390 9,619 Basic earnings per common share $0.55 $0.42 $1.21 $0.93 $ 0.89 Diluted earnings per common share - ---------------------------------- Earnings before extraordinary item $6,557 $5,025 $14,051 $10,564 $8,561 Average equivalent shares Common shares outstanding 12,007 12,011 11,612 11,390 9,619 Stock option 2 119 82 -- -- ------ ------ ------- ----- ----- Average equivalent shares 12,009 12,130 11,694 11,390 9,619 ------ ------- ------- ------ ----- Diluted earnings per common share $0.55 $0.41 $1.20 $0.93 $0.89 ------- ------- ------- ------ -----