UNISOURCE ENERGY CORPORATION
EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
Three Months Ended
September 30,
2001 2000
------ ------
- Thousands of Dollars -
(except per share data)
BASIC EARNINGS PER SHARE:
Net Income $15,548 $17,239
Average Shares of Common Stock Outstanding 33,472 32,423
--------- --------
Basic Earnings Per Share $ 0.46 $ 0. 53
========= ========
DILUTED EARNINGS PER SHARE:
Net Income $15,548 $17,239
Average Shares of Common Stock Outstanding 33,472 32,423
Effect of Dilutive Securities:
Warrants 123 -
Options and Stock Issuable under Employee Benefit
Plans 642 467
--------- --------
Total Shares 34,237 32,890
--------- --------
Diluted Earnings Per Share $ 0.45 $ 0.52
========= ========
At September 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
Nine Months Ended
September 30,
2001 2000
------ ------
- Thousands of Dollars -
(except per share data)
BASIC EARNINGS PER SHARE:
Net Income Before Cumulative
Effect of Accounting Change $ 47,597 $28,140
Cumulative Effect of Accounting Change 470 -
-------- --------
Net Income $ 48,067 $28,140
Average Shares of Common Stock Outstanding 33,360 32,397
-------- --------
Basic Earnings Per Share Before Cumulative
Effect of Accounting Change $ 1.43 $ 0.87
Basic Earnings Per Share From Cumulative
Effect of Accounting Change 0.01 -
-------- --------
Basic Earnings Per Share $ 1.44 $ 0.87
======== ========
DILUTED EARNINGS PER SHARE:
Net Income Before Cumulative
Effect of Accounting Change $ 47,597 $28,140
Cumulative Effect of Accounting Change 470 -
--------- --------
Net Income $ 48,067 $28,140
Average Shares of Common Stock Outstanding 33,360 32,397
Effect of Dilutive Securities:
Warrants 180 -
Options and Stock Issuable under Employee Benefit
Plans 676 436
--------- --------
Total Shares 34,216 32,833
--------- --------
Diluted Earnings Per Share Before Cumulative
Effect of Accounting Change $ 1.39 $ 0.86
Diluted Earnings Per Share From Cumulative
Effect of Accounting Change 0.01 -
--------- --------
Diluted Earnings Per Share $ 1.40 $ 0.86
========= ========
At September 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.