EXHIBIT 11 NIPSCO INDUSTRIES, INC. COMPUTATION OF PER SHARE EARNINGS TWELVE MONTHS ENDED DECEMBER 31, 1994 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- FULLY PRIMARY DILUTED ---------- ---------- Weighted Average Number of Shares Average Common Shares Outstanding at 12/31/94.... 64,820,039 64,820,039 Dilutive Effect for Nonqualified Stock Options at 12/31/94........................................ 134,775 136,688 ---------- ---------- Weighted Average Shares at 12/31/94.............. 64,954,814 64,956,727 ========== ========== Net Income to be Used to Compute Earnings Per Average Common Share (DOLLARS IN THOUSANDS) Net Income....................................... $ 163,987 $ 163,987 Dividend Requirements on Preferred Shares........ 3,063 3,063 ---------- ---------- Balance Available for Common Shareholders........ $ 160,924 $ 160,924 ========== ========== Earnings Per Average Common Share.................. $ 2.48(a) $ 2.48(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%. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 30 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%. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 31 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%. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 32