UNISOURCE ENERGY CORPORATION
EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
Three Months Ended
June 30,
1999 1998
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- Thousands of Dollars -
(except per share data)
BASIC EARNINGS PER SHARE:
Net Income $3,708 $1,058
Average Shares of Common Stock Outstanding 32,316 32,138
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Basic Earnings Per Share $ 0.11 $ 0.03
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DILUTED EARNINGS PER SHARE:
Net Income $3,708 $1,058
Average Shares of Common Stock Outstanding 32,316 32,138
Effect of Dilutive Securities:
Warrants - 127
Options and Stock Issuable under Employee Benefit
Plans 335 129
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Total Shares 32,651 32,394
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Diluted Earnings Per Share $ 0.11 $ 0.03
========= ========
4.6 million of the 7.6 million warrants outstanding are 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,
1999 1998
------ ------
- Thousands of Dollars -
(except per share data)
BASIC EARNINGS PER SHARE:
Net Income (Loss) $(1,820) $(5,977)
Average Shares of Common Stock Outstanding 32,301 32,138
--------- --------
Basic Earnings Per Share $ (0.06) $ (0.19)
========= ========
DILUTED EARNINGS PER SHARE:
Net Income (Loss) $(1,820) $(5,977)
Average Shares of Common Stock Outstanding 32,301 32,138
Effect of Dilutive Securities:
Warrants - -
Options and Stock Issuable Under Employee Benefit
Plans - -
--------- --------
Total Shares 32,515 32,138
--------- --------
Diluted Earnings Per Share $ (0.06) $ (0.19)
========= ========
4.6 million of the 7.6 million warrants outstanding are 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.