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EXHIBIT 11.1
TRANSAMERICAN REFINING CORPORATION
COMPUTATION OF NET INCOME (LOSS) PER SHARE
(DOLLARS IN THOUSANDS -- EXCEPT PER SHARE DATA)
YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JANUARY 31, JANUARY 31, JULY 31,
--------------------- ---------------------- -------------------
1997 1996 1996 1995 1995 1994
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(UNAUDITED) (UNAUDITED)
Primary:
Weighted average shares outstanding..... 30,000 30,000 30,000 30,000 30,000 30,000
Common equivalent shares related to:
Common stock purchase Warrants.......... 7,458 -- -- -- -- --
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Weighted average shares and common stock
equivalents........................... 37,458 30,000 30,000 30,000 30,000 30,000
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Net Income (Loss)....................... $ 9,406 $(67,258) $(26,071) $(23,150) $(64,337) $(17,353)
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Net Income (Loss) per share............. $ 0.25 $ (2.24) $ (0.87) $ (0.77) $ (2.14) $ (0.58)
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