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EXHIBIT 11.1
APACHE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE DATA)
1996 1995 1994
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Weighted Average Calculation:
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Net income $ 121,427 $ 20,207 $ 45,583
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Weighted average common shares outstanding 85,777 71,792 69,715
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Net income per common share,
based on weighted average
shares outstanding $ 1.42 $ .28 $ .65
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Primary Calculation:
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Net income $ 121,427 $ 20,207 $ 45,583
Assumed conversion of
3.93 percent debentures 2,114 2,162 2,121
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Net income, as adjusted $ 123,541 $ 22,369 $ 47,704
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Common stock equivalents:
Weighted average common shares outstanding 85,777 71,792 69,715
Stock options, using the treasury
stock method 478 106 115
Common stock equivalents,
assuming conversion of 3.93 percent
debentures 2,778 2,778 2,778
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89,033 74,676 72,608
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Net income per common share -- primary $ 1.39 $ .28 $ .65
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The assumed conversion of other convertible debt would be insignificant or
antidilutive for each of the periods presented above.