UNISOURCE ENERGY CORPORATION
EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
Three Months Ended
September 30,
1999 1998
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- Thousands of Dollars -
(except per share data)
BASIC EARNINGS PER SHARE:
Net Income $51,669 $33,673
Average Shares of Common Stock Outstanding 32,332 32,174
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Basic Earnings Per Share $ 1.60 $ 1.05
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DILUTED EARNINGS PER SHARE:
Net Income $51,669 $33,673
Average Shares of Common Stock Outstanding 32,332 32,174
Effect of Dilutive Securities:
Warrants - -
Options and Stock Issuable under Employee Benefit
Plans 341 40
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Total Shares 32,673 32,214
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Diluted Earnings Per Share $ 1.58 $ 1.05
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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
Nine Months Ended
September 30,
1999 1998
------ ------
- Thousands of Dollars -
(except per share data)
BASIC EARNINGS PER SHARE:
Net Income $49,849 $27,696
Average Shares of Common Stock Outstanding 32,309 32,150
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Basic Earnings Per Share $ 1.54 $ 0.86
========= ========
DILUTED EARNINGS PER SHARE:
Net Income $49,849 $27,696
Average Shares of Common Stock Outstanding 32,309 32,150
Effect of Dilutive Securities:
Warrants - 42
Options and Stock Issuable under Employee Benefit
Plans 225 54
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Total Shares 32,534 32,246
--------- --------
Diluted Earnings Per Share $ 1.53 $ 0.86
========= ========
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.