EXHIBIT 11 NIPSCO INDUSTRIES, INC. COMPUTATION OF PER SHARE EARNINGS TWELVE MONTHS ENDED DECEMBER 31, 1993 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FULLY PRIMARY DILUTED ---------- ---------- Weighted Average Number of Shares Average Common Shares Outstanding at 12/31/93.... 66,136,396 66,136,396 Dilutive Effect for Nonqualified Stock Options at 12/31/93........................................ 173,417 193,693 ---------- ---------- Weighted Average Shares at 12/31/93.............. 66,309,813 66,330,089 ========== ========== Net Income to be Used to Compute Earnings Per Average Common Share (DOLLARS IN THOUSANDS) Net Income....................................... $ 156,140 $ 156,140 Dividend Requirements on Preferred Shares........ 3,063 3,063 ---------- ---------- Balance Available for Common Shareholders........ $ 153,077 $ 153,077 ========== ========== Earnings Per Average Common Share.................. $ 2.31(a) $ 2.31(a) ========== ========== Note: (a) 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%. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- EXHIBIT 11 NIPSCO INDUSTRIES, INC. COMPUTATION OF PER SHARE EARNINGS TWELVE MONTHS ENDED DECEMBER 31, 1992 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FULLY PRIMARY DILUTED ---------- ---------- Weighted Average Number of Shares Average Common Shares Outstanding at 12/31/92.... 66,715,941 66,715,941 Dilutive Effect for Nonqualified Stock Options at 12/31/92........................................ 115,467 144,072 ---------- ---------- Weighted Average Shares at 12/31/92.............. 66,831,408 66,860,013 ========== ========== Net Income to be Used to Compute Earnings Per Average Common Share (DOLLARS IN THOUSANDS) Net Income....................................... $ 136,648 $ 136,648 Dividend Requirements on Preferred Shares........ 3,063 3,063 ---------- ---------- Balance Available for Common Shareholders........ $ 133,585 $ 133,585 ========== ========== Earnings Per Average Common Share.................. $ 1.99(a) $ 1.99(a) ========== ========== Note: (a) 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%. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- EXHIBIT 11 NIPSCO INDUSTRIES, INC. COMPUTATION OF PER SHARE EARNINGS TWELVE MONTHS ENDED DECEMBER 31, 1991 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- FULLY PRIMARY DILUTED ---------- ---------- Weighted Average Number of Shares Average Common Shares Outstanding at 12/31/91 Be- fore Conversion................................. 67,035,495 67,035,495 Common Shares Reserved for Conversion of 4 1/4% Convertible Debentures at 12/31/91.............. -- 219,359 Dilutive Effect for Nonqualified Stock Options at 12/31/91........................................ 157,939 174,969 ---------- ---------- Weighted Average Shares at 12/31/91.............. 67,193,434 67,429,823 ========== ========== Net Income to be Used to Compute Earnings Per Average Common Share (DOLLARS IN THOUSANDS) Net Income....................................... $ 133,388 $ 133,388 Plus: Interest Expense--Net of Income Tax Ef- fect............................................ -- 115 ---------- ---------- Net Income....................................... 133,388 133,503 Dividend Requirements on Preferred Shares........ 3,063 3,063 ---------- ---------- Balance Available for Common Shareholders........ $ 130,325 $ 130,440 ========== ========== Earnings Per Average Common Share.................. $ 1.93(a) $ 1.93(a) ========== ========== Note: (a) 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%. - -------------------------------------------------------------------------------- - --------------------------------------------------------------------------------