EXHIBIT 11
PATINA OIL & GAS CORPORATION
COMPUTATION OF NET INCOME PER SHARE
FOR THE YEARS ENDED DECEMBER 31, 1994, 1995 AND 1996
(IN THOUSANDS EXCEPT PER SHARE DATA)
1994 1995 1996
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PRIMARY NET INCOME (LOSS) PER SHARE:
Net income (loss) $ 2,950 $(2,094) $ 3,562
Dividends on preferred stock - - (2,129)
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Net income (loss) available to common $ 2,950 $(2,094) $ 1,433
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Weighted average shares outstanding 14,000 14,000 17,787
Add common stock equivalents - - 9
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Weighted average common stock and
equivalents outstanding 14,000 14,000 17,796
Net income (loss) applicable to common $ 0.21 $ (0.15) $0.08
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FULLY DILUTED NET INCOME (LOSS) PER SHARE:
Net income (loss) $ 2,950 $(2,094) $ 3,562
Dividends on preferred stock - - -
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Net income (loss) available to common $ 2,950 $(2,094) $ 3,562
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Weighted average shares outstanding 14,000 14,000 17,787
Add common stock equivalents - - 9
Other potentially dilutive securities - - 3,085
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Weighted average common stock
and equivalents outstanding 14,000 14,000 20,881
Net income (loss) applicable to common $ 0.21 $ (0.15) $0.17
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Note: Fully diluted net income (loss) per share for 1994, 1995 and 1996 are not
shown in the financial statements as the fully diluted net income (loss) per
share equaled primary earnings per share in 1994 and 1995 and the fully diluted
net income (loss) per share in 1996 was anti-dulutive. Therefore, only primary
net income per share is disclosed in the financial statements.