Exhibit 11.1
Castle Energy Corporation
Statement of Computation of Earnings Per Share
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended June 30,
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1995 1994
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Fully Fully
Primary Diluted Primary Diluted
------- ------- ------- --------
I. Shares outstanding, net of treasury 6,668,646 6,668,646 11,222,646 11,222,646
Stock issued during the period:
Options exercised 330 330 5,000 5,000
II. Weighted equivalent shares:
Assumed exercise of options and warrants 43,529 313,203 646,847
Assumed conversion of debentures 500,000 500,000
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III. Weighted average shares and equivalent
shares 6,668,976 6,712,505 12,040,849 12,374,493
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IV. Net income (loss):
Net income (loss) before adjustment ($ 1,873) ($ 1,873) $ 4,345 $ 4,345
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 61 40
--------- ---------- ----------- ----------
Adjusted net income (loss) ($ 1,873) ($ 1,873) $ 4,406 $ 4,385
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V. Net income (loss) per share: ($ .28) ($ .28) $ .37 .35
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Exhibit 11.1
Castle Energy Corporation
Statement of Computation of Earnings Per Share
(Dollars in thousands, except per share amounts)
(Unaudited)
Nine Months Ended June 30,
-----------------------------------------------------------------------
1995 1994
----------------------------- ----------------------------------
Fully Fully
Primary Diluted Primary Diluted
---------- --------- --------- ---------
I. Shares outstanding, net of treasury 7,627,646 7,627,646 7,722,646 7,722,646
Stock issued during the period:
Stock, net (919,290) (919,290) 2,705,150 2,705,150
Options exercised 4,542 4,542 1,722 1,722
II. Weighted equivalent shares:
Assumed exercise of options and warrants 58,944 47,313 415,519 617,014
Assumed conversion of debenture 25,650 25,650 500,000 500,000
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III. Weighted average shares and equivalent
shares 6,797,492 6,785,861 11,345,037 11,546,532
========== =========== ============= ============
IV. Net Income:
Net Income before adjustment $ 12,247 $ 12,247 $ 19,427 $ 19,427
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. 86 86
---------- ----------- ------------- -------------
Adjusted net income $ 12,247 $ 12,247 $ 19,513 $ 19,513
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V. Net income per share $ 1.80 $ 1.80 $ 1.72 $ 1.69
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