Exhibit 11
EXHIBIT 11
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PETROLEUM HEAT AND POWER CO., INC.
Computation of Net Income (Loss) Per Share
Year Ended December 31,
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1992 1993 1994
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Net Loss $ (4,389,365) $ (8,431,294) $ (4,265,297)
Preferred Dividends (4,258,000) (3,321,153) (3,510,211)
Accretion of Redeemable
Preferred Stock (194,740) (45,873) --
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Net loss applicable to common
stock (8,842,105) (11,798,320) (7,775,508)
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Common stock dividends
Class A Common Stock 3,156,707 9,971,104 10,790,884
Class B Common Stock 2,714,946 407,772 237,788
Class C Common Stock 465,251 1,336,198 1,407,030
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6,336,904 11,715,074 12,435,702
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Undistributed net loss(1) $(15,179,009) $(23,513,394) $(20,211,210)
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Weighted average number of
common shares outstanding
Class A Common Stock 12,854,266 18,992,579 19,195,086
Class B Common Stock 2,447,473 216,901 152,370
Class C Common Stock 2,545,139 2,545,139 2,549,504
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17,846,878 21,754,619 21,896,960
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Net Income (loss) per common
share
Class A Common stock
Distributed $ 0.18 $ 0.52 $ 0.55
Undistributed(1) (0.99) (1.09) (0.92)
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$ (0.81) $ (0.57) $ (0.37)
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Class B Common Stock
Distributed $ 1.14 $ 1.88 $ 1.10
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Class C Common Stock
Distributed $ 0.18 $ 0.52 $ 0.55
Undistributed (0.99) (1.09) (0.92)
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$ (0.81) $ (0.57) $ (0.37)
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(1) All of the undistributed net loss has been allocated to the Class A
Common Stock and Class C Common Stock since the Class B Common Stock
cannot participate in any additional dividends until the aggregate
amount of dividends paid on Class A Common Stock and Class C Common
Stock exceeds the Common Stock Allocation (as defined in the Company's
Restated Articles of Incorporation to mean the Company's cash flow for
each fiscal year after December 31, 1985, on a cumulative basis, minus
all Class B dividends paid or accrued). As of December 31, 1994, an
additional $112.3 million would be required to be paid as dividends on
the Class A Common Stock and Class C Common stock to reach the Common
Stock Allocation.