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 Nine Months Ended ---------------------------------------- ------------------------------------ June 30, 1996 June 30, 1995 June 30, 1996 June 30, 1995 ------------- ------------- ------------- ------------- (Thousands, Except Per Share Data) Net income (loss) $ (5,421) $ (5,441) $ 99,828 $ 75,723 Dividends on preferred stock (excluding dividends on convertible preferred stock) 330 330 990 990 ---------- ---------- ------------ ------------ Net income (loss) applicable to common stock (1) $ (5,751) $ (5,771) $ 98,838 $ 74,733 ========== ========== ============ ============ Average common shares outstanding on a fully diluted basis assuming the conversion of the outstanding shares of the $4.60 and $4.36 convertible preferred stock as of the beginning of each period based on the applicable conversion price (2) 43,502 42,712 43,303 42,519 ========== ========== ============ ============ Earnings (loss) per average share of common stock assuming full dilution (1 )/(2) $ (0.13) $ (0.14) $ 2.28 $ 1.76 ========== ========== ============ ============ - -------------------------------- 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