1 EXHIBIT 11 WASHINGTON GAS LIGHT COMPANY AND SUBSIDIARIES Computation of Earnings per Average Share of Common Stock Assuming Full Dilution from Conversion of the $4.60 and $4.36 Convertible Preferred Stock --------------------------------------------------------------- (Unaudited) For the Three Months Ended For the Six Months Ended -------------------------------- ---------------------------- Mar. 31, 1996 Mar. 31, 1995 Mar. 31, 1996 Mar. 31, 1995 -------------- -------------- ------------- ------------- (Thousands, except per share data) Net Income $ 66,909 $ 53,438 $ 105,249 $ 81,164 Dividends on preferred stock (excluding dividends on convertible preferred stock) 330 330 660 660 ------------ ---------- ----------- ----------- Net income applicable to common stock (1) $ 66,579 $ 53,108 $ 104,589 $ 80,504 ============ ========== =========== =========== Average common shares outstanding on a fully diluted basis assuming conversion of the $4.60 and $4.36 convertible preferred stock on October 1 of each year based on the applicable conversion price (2) 43,349 42,530 43,207 42,425 ============ ========== =========== =========== Earnings per average share of common stock assuming full dilution (1 )/(2) $ 1.54 $ 1.25 $ 2.42 $ 1.90 ============ ========== =========== =========== - ------------------------------------------------------ Note: These calculations are submitted in accordance with Securities Exchange Act of 1934 Release No. 9083 although not required by footnote 2 to paragraph 14 of Accounting Principles Board Opinion No. 15 because no dilution results. 15