EXHIBIT 11
CMS ENERGY CORPORATION
COMPUTATION OF EARNINGS PER SHARE
IN MILLIONS, EXCEPT PER SHARE AMOUNTS
Basic earnings per share represents net income (loss) available to the common
shareholders divided by the weighted-average number of common shares
outstanding. Diluted earnings (loss) per share reflects additional common shares
that would have been outstanding if potential dilutive shares had been issued.
The effects of converting the trust preferred securities and outstanding stock
options of .2 million for both 2001 and 2000 were not included in the
computation of diluted earnings (loss) per share because to do so would have
been antidilutive.
The computation of earnings (loss) per average common share for the years ended
December 31, 2002, 2001 and 2000, respectively, are noted below as follows:
<Table>
<Caption>
Year Ended December 31,
----------------------------------------------
As Restated As Restated
2002 2001 2000
---- ---- ----
Loss from continuing operations ($416) ($236) ($40)
Discontinued operations, net of $167 tax benefit in 2002, $93
tax in 2001 and $33 tax in 2000 (222) (210) 83
Cumulative effect of change in accounting for derivative
instruments, net of $10 tax in 2002 and $- tax in 2001 18 (2) -
--------------------------------------------
Net income (loss) applicable to basic and diluted earnings per
average common share ($620) ($448) $43
============================================
Average common shares outstanding - basic and diluted 139.0 130.7 113.1
============================================
Net income (loss) per basic and diluted average common shares:
Loss from continuing operations ($2.99) ($1.79) ($0.35)
Income (loss) from discontinued operations (1.60) (1.61) 0.73
Income (loss) from change in accounting 0.13 (0.02 -
--------------------------------------------
Basic and diluted earnings (loss) per average common share ($4.46) ($3.42) $0.38
============================================
</Table>