1 EXHIBIT 11 TRIGEN ENERGY CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE (ALL AMOUNTS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) TWELVE MONTHS ENDED DECEMBER 31, ----------------------------- 1996 1995 ---------- ---------- Earnings Per Share--Primary Net Income.............................................. $ 12,108 $ 10,564 ========= ========= Weighted average number of common and common equivalent shares applicable to primary earnings per share calculation........................................... 11,612,107 11,390,445 Dilutive effect of stock options........................ 72,117 85,886 ---------- ---------- Weighted average number of shares outstanding........... 11,684,224 11,476,331 ========= ========= Net income per share--primary........................... $1.04 $0.92 ========= ========= Earnings Per Share--Assuming Full Dilution Net Income.............................................. $ 12,108 $ 10,564 Plus: Interest on convertible subordinated debt (net of taxes)................................................ -- 654 ---------- ---------- Net income for fully diluted earnings per share calculation........................................... $ 12,108 $ 11,218 ========= ========= Weighted average number of common and common equivalent shares applicable to fully diluted earnings per share calculation........................................... $ 12,108 $ 11,218 ========= ========= Weighted average number of shares outstanding........... 11,612,107 11,390,445 Shares issuable upon conversion of subordinated debt.... -- 385,692 Dilutive effect of stock options........................ 149,201 85,886 ---------- ---------- 11,761,308 11,862,023 ========= ========= Net income per share assuming full dilution............. $1.03 $0.95 ========= =========