30
Exhibit 11.1
Castle Energy Corporation
Statement of Computation of Earnings Per Share
(Dollars in thousands, except per share amounts)
(Unaudited)
Six Months Ended March 31,
------------------------------------------------------------------
1995 1994
------------------------------ ---------------------------
Fully Fully
Primary Diluted Primary Diluted
------- ------- ------- -------
I. Actual shares outstanding at September 30 7,627,646 7,627,646 7,722,646 7,722,646
Stock issued during the period:
Stock, net (894,484) (894,484) 2,307,550 2,307,550
Options exercised 1,648 1,648 83 83
II. Weighted equivalent shares:
Assumed exercise of options and warrants 143,839 28,058 565,710 224,935
Assumed conversion of debenture 38,450 38,450 500,000 500,000
------------ ------------ ------------ ------------
III. Weighted average shares and equivalent
shares 6,917,099 6,801,318 11,095,989 10,755,214
============ ============ ============ ============
IV. Net income:
Net income before adjustment $ 14,120 $ 14,120 $ 15,082 $ 15,082
Assumed interest savings, net of tax, "as if"
the convertible debenture had been exercised
and debt had been retired utilizing proceeds
of the exercise of options and warrants. 6 6 108 189
------------ ------------ ------------ ------------
Adjusted net income $ 14,126 $ 14,126 $ 15,190 $ 15,271
============ ============ ============ ============
V. Net income per share: $2.04 $2.08 (A) $1.37 $1.42 (A)
===== ===== ===== =====
(A) Fully diluted earnings per share is not presented as it is
antidilutive.
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31
Exhibit 11.1
Castle Energy Corporation
Statement of Computation of Earnings Per Share
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31,
------------------------------------------------------------------
1995 1994
---------------------------- ----------------------------
Fully Fully
Primary Diluted Primary Diluted
------- ------- ------- -------
I. Actual shares outstanding at December 31 6,658,646 6,658,646 11,222,646 11,222,646
Stock issued during the period:
Stock, net
Options exercised 3,333 3,333 167 167
II. Weighted equivalent shares:
Assumed exercise of options and warrants 50,135 27,564 348,062 348,062
Assumed conversion of debenture 500,000 500,000
------------ ------------ ------------ ------------
III. Weighted average shares and equivalent
shares 6,712,114 6,689,543 12,070,875 12,070,875
============ ============ ============ ============
IV. Net Income:
Net Income before adjustment $ 36 $ 36 $ 6,699 $ 6,699
============ ============ ============ ============
Assumed interest savings, net of tax, "as if"
the convertible debenture had been exercised
and debt had been retired utilizing proceeds
of the exercise of options and warrants. 111 113
------------- ------------ ------------ ------------
Adjusted net income $ 36 $ 36 $ 6,810 $ 6,812
============= ============ ============== ============
V. Net income per share: $.01 $.01 (A) $.56 $.56 (A)
==== ==== ==== ====
(A) Fully diluted earnings per share is not presented as dilution is
less than three percent or is antidilutive.
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