EXHIBIT 11 DENBURY RESOURCES INC. COMPUTATION OF EARNINGS PER COMMON SHARE Year Ended December 31, --------------------------- 1997 1996 1995 ------- ------- ------ CANADIAN GAAP (Amounts in thousands except per share amounts) Basic EPS: Weighted average shares outstanding 20,224 13,104 6,870 ------- ------- ------ Net income $14,903 $ 8,744 $ 714 ------- ------- ------ Basic earnings per common share $ 0.74 $ 0.67 $ 0.10 ======= ======= ====== Fully Diluted EPS: Weighted average shares outstanding 20,224 13,104 6,870 Assumed conversions: Convertible debentures (b) 391 (a) Warrants 700 750 (a) Stock options 1,550 1,053 (a) Convertible preferred (b) (a) (b) ------- ------- ------ Adjusted shares outstanding 22,474 15,298 6,870 ------- ------- ------ Net income $14,903 $ 8,744 $ 714 Adjustments: Interest on subordinated debentures (b) 126 (a) Interest on warrant proceeds 169 245 (a) Interest on option proceeds 572 365 (a) Imputed preferred dividend (b) (a) (b) ------- ------- ------ Adjusted net income $15,644 $ 9,480 $ 714 ------- ------- ------ Fully diluted earnings per common share $ 0.70 $ 0.62 $ 0.10 ======= ======= ====== <FN> (a) Anti-dilutive or immaterial (b) Not applicable for this period </FN> 13 EXHIBIT 11 DENBURY RESOURCES INC. COMPUTATION OF EARNINGS PER COMMON SHARE Year Ended December 31, -------------------------- 1997 1996 1995 ------ ------ ------ U.S. GAAP (Amounts in thousands except per share amounts) Basic EPS: Weighted average shares outstanding 20,224 13,104 6,870 ------ ------ ------ Net income $14,903 $8,744 $ 714 ------ ------ ------ Basic earnings per common share $ 0.74 $ 0.67 $ 0.10 ====== ====== ====== Diluted EPS: Weighted average shares outstanding 20,224 13,104 6,870 Net adjustments to shares after repurchases with proceeds: Convertible debentures (b) 391 (a) Warrants 428 402 (a) Stock options 793 397 (a) Convertible preferred (b) (a) (b) ------ ------ ------ Adjusted shares outstanding 21,445 14,294 6,870 ------ ------ ------ Net income $14,903 $8,744 $ 714 Adjustments: Interest on subordinated debentures (b) 220 (a) Imputed preferred dividend (b) (a) (b) ------ ------ ------ Adjusted net income $14,903 $8,964 $ 714 ------ ------ ------ Diluted earnings per common share $ 0.70 $ 0.63 $ 0.10 ====== ====== ====== <FN> (a) Anti-dilutive or immaterial (b) Not applicable for this period </FN> 14