Exhibit 11.0
California Energy Company, Inc.
Calculation of Earnings per share in Accordance
with Interpretive Release No. 34-9083
for the three years ended December 31, 1993
(dollars in thousands except per share amounts)
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1993 1992 1991
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Actual weighted average shares
outstanding for the period 35,454,539 33,414,139 29,847,156
Dilutive stock options and warrants using
average market prices 3,030,431 3,294,065 4,844,869
Preferred stock -- 786,712 779,405
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Total number of shares based on shares
outstanding and the assumption that
dilutive stock options and warrants
will be exercised at average stock
market prices 38,484,970 37,494,916 35,471,430
Additional dilutive stock options and
warrants using ending market price -- 1,282,223 992,399
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Total shares based on shares outstanding
and the assumption that dilutive stock
options and warrants will be exercised
at ending market price 38,484,970 38,777,139 36,463,829
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Income before change in accounting
principle and extraordinary item $ 43,074 $ 38,810 $ 26,582
Cumulative effect of change in accounting
principle 4,100 -- --
Extraordinary item -- (4,991) --
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Net income 47,174 33,819 26,582
Series C preferred stock dividends (4,630) (4,275) --
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Net Income available for common shares $ 42,544 $ 29,544 $ 26,582
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Primary earnings per share before change
in accounting principle and
extraordinary item $ 1.00 $ .92 $ .75
Primary earnings per share $ 1.11 $ .79 $ .75
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Fully diluted earnings per share before
change in accounting principle and
extraordinary item based on SEC
Interpretive Release No. 34-9083 $ 1.00 $ .89 $ .73
Fully diluted earnings per share based on
SEC interpretive Release No. 34-9083 $ 1.11 $ .76 $ .73
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