UNISOURCE ENERGY CORPORATION
EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
Three Months Ended
June 30,
2001 2000
------ ------
- Thousands of Dollars -
(except per share data)
BASIC EARNINGS PER SHARE:
Net Income $13,254 $10,659
Average Shares of Common Stock Outstanding 33,342 32,389
-------- --------
Basic Earnings Per Share $ 0.40 $ 0. 33
========= ========
DILUTED EARNINGS PER SHARE:
Net Income $13,254 $10,659
Average Shares of Common Stock Outstanding 33,342 32,389
Effect of Dilutive Securities:
Warrants 288 -
Options and Stock Issuable under Employee Benefit
Plans 738 457
-------- --------
Total Shares 34,368 32,846
-------- --------
Diluted Earnings Per Share $ 0.39 $ 0.32
======== ========
At June 30, 2001, UniSource Energy had no outstanding warrants. There
were 4.6 million of TEP warrants outstanding that were exercisable into TEP
common stock. However, the dilutive effect is the same as it would be if the
warrants were exercisable into UniSource Energy Common Stock.
UNISOURCE ENERGY CORPORATION
EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
Six Months Ended
June 30,
2001 2000
------ ------
- Thousands of Dollars -
(except per share data)
BASIC EARNINGS PER SHARE:
Net Income Before Cumulative
Effect of Accounting Change $32,049 $10,901
Cumulative Effect of Accounting Change 470 -
-------- --------
Net Income $32,519 $10,901
Average Shares of Common Stock Outstanding 33,304 32,382
-------- --------
Basic Earnings Per Share Before Cumulative
Effect of Accounting Change $ 0.97 $ 0.34
Basic Earnings Per Share From Cumulative
Effect of Accounting Change 0.01 -
-------- --------
Basic Earnings Per Share $ 0.98 $ 0.34
======== ========
DILUTED EARNINGS PER SHARE:
Net Income Before Cumulative
Effect of Accounting Change $32,049 $10,901
Cumulative Effect of Accounting Change 470 -
-------- --------
Net Income $32,519 $10,901
Average Shares of Common Stock Outstanding 33,304 32,382
Effect of Dilutive Securities:
Warrants 209 -
Options and Stock Issuable under Employee Benefit
Plans 693 420
-------- --------
Total Shares 34,206 32,802
-------- --------
Diluted Earnings Per Share Before Cumulative
Effect of Accounting Change $ 0.94 $ 0.33
Diluted Earnings Per Share From Cumulative
Effect of Accounting Change 0.01 -
-------- --------
Diluted Earnings Per Share $ 0.95 $ 0.33
======== ========
At June 30, 2001, UniSource Energy had no outstanding warrants. There
were 4.6 million of TEP warrants outstanding that were exercisable into TEP
common stock. However, the dilutive effect is the same as it would be if the
warrants were exercisable into UniSource Energy Common Stock.