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EXHIBIT 11.1
APACHE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE DATA)
1994 1993 1992
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Weighted Average Calculation:
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Net income $ 42,837 $ 37,334 $ 47,776
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Weighted average shares outstanding 61,317 53,534 46,904
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Net income per share, based on
weighted average shares outstanding $ .70 $ .70 $ 1.02
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Primary Calculation:
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Net income $ 42,837 $ 37,334 $ 47,776
Assumed conversion of
3.93-percent debentures 2,121 2,145 141
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Net income, as adjusted $ 44,958 $ 39,479 $ 47,917
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Common stock equivalents:
Weighted average shares outstanding 61,317 53,534 46,904
Stock options 115 242 65
Common stock equivalents
assuming conversion of 3.93-percent
debentures 2,778 2,778 205
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64,210 56,554 47,174
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Net income per common share primary $ .70 $ .70 $ 1.02
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The assumed conversion of other convertible debt would be insignificant or
anti-dilutive for all the periods presented above.