EXHIBIT 11
EL PASO ELECTRIC COMPANY
COMPUTATION OF EARNINGS PER COMMON SHARE
(IN THOUSANDS EXCEPT FOR SHARE DATA)
REORGANIZED |
COMPANY | PREDECESSOR COMPANY
------------ | ---------------------------------------
PERIOD FROM | PERIOD FROM
FEBRUARY 12 | JANUARY 1
TO | TO YEARS ENDED DECEMBER 31,
DECEMBER 31, | FEBRUARY 11, -------------------------
1996 | 1996 1995 1994
------------ | ------------ ----------- -----------
|
PRIMARY: |
Weighted average number of common shares outstanding......... 59,999,981 | 35,544,330 35,544,330 35,544,330
Weighted average number of restricted shares................. 149,753 | - - -
Net effect of dilutive stock options......................... 31,760 | - - -
----------- | ----------- ----------- -----------
Total...................................................... 60,181,494 | 35,544,330 35,544,330 35,544,330
=========== | =========== =========== ===========
|
Net income (loss) applicable to common stock: |
Income (loss) before extraordinary gain on discharge |
of debt................................................... $ 31,431 | $ 118,198 $ (33,319) $ (28,153)
Extraordinary gain on discharge of debt.................... - | 264,273 - -
----------- | ----------- ----------- -----------
Net income (loss) applicable to common stock............. $ 31,431 | $ 382,471 $ (33,319) $ (28,153)
=========== | =========== =========== ===========
|
Net income (loss) per common share: |
Income (loss) before extraordinary gain on discharge |
of debt................................................... $ 0.52 | $ 3.33 $ (0.94) $ (0.79)
Extraordinary gain on discharge of debt.................... - | 7.43 - -
----------- | ----------- ----------- -----------
Net income (loss)........................................ $ 0.52 | $ 10.76 $ (0.94) $ (0.79)
=========== | =========== =========== ===========
|
FULLY DILUTED (1): |
Weighted average number of common shares outstanding......... 59,999,981 | 35,544,330 35,544,330 35,544,330
Weighted average number of restricted shares................. 149,753 | - - -
Net effect of dilutive stock options......................... 182,523 | - - -
----------- | ----------- ----------- -----------
Total...................................................... 60,332,257 | 35,544,330 35,544,330 35,544,330
=========== | =========== =========== ===========
|
Net income (loss) applicable to common stock: |
Income (loss) before extraordinary gain on discharge |
of debt................................................... $ 31,431 | $ 118,198 $ (33,319) $ (28,153)
Extraordinary gain on discharge of debt.................... - | 264,273 - -
----------- | ----------- ----------- -----------
Net income (loss) applicable to common stock............. $ 31,431 | $ 382,471 $ (33,319) $ (28,153)
=========== | =========== =========== ===========
|
Net income (loss) per common share: |
Income (loss) before extraordinary gain on discharge |
of debt................................................... $ 0.52 | $ 3.33 $ (0.94) $ (0.79)
Extraordinary gain on discharge of debt.................... - | 7.43 - -
----------- | ----------- ----------- -----------
Net income (loss)........................................ $ 0.52 | $ 10.76 $ (0.94) $ (0.79)
=========== | =========== =========== ===========
(1) This calculation is submitted in accordance with Securities Exchange Act of
1934 Release No. 9083, although not required by footnote 2 to paragraph 14
of APB Opinion No. 15 because it results in dilution of less than 3%.