1 EXHIBIT 11-8 DTE ENERGY COMPANY AND SUBSIDIARY COMPANIES PRIMARY AND FULLY DILUTED EARNINGS PER SHARE OF COMMON STOCK Three Months Six Months Ended Ended June 30, 1997 June 30, 1997 ------------- ------------- (Thousands, except per share amounts) PRIMARY: Net Income ............................... $ 84,890 $ 155,890 Weighted average number of common shares outstanding (a) .................. 145,100 145,104 Earnings per share of Common Stock based on weighted average number of shares outstanding ................... $ 0.59 $ 1.07 FULLY DILUTED: Net Income ............................... $ 84,890 $ 155,890 Weighted average number of common shares outstanding (a) .................. 145,100 145,104 Shares issuable from assumed exercise of options reduced by the number which could have been purchased with the proceeds from exercise of such options (a)(b) .... (8) (5) -------- ---------- 145,092 145,099 ======== ========== Earnings per share of Common Stock based on weighted average number of shared outstanding ................... $ 0.59 $ 1.07 - ---------------------------- (a) Based on a daily average. (b) This calculation is submitted in accordance with Regulation S-K, item 601(b)(11) although not required by footnote 2 to paragraph 14 of APB Opinion No. 15 because it results in dilution of less than 3%, and is contrary to paragraph 40 of APB Opinion No. 15 because it produces an anti-dilutive result.