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 Years Ended September 30, ------------------------------------------- 1997 1996 1995 ------------ ------------ ------------- (Thousands, except per share data) EARNINGS PER AVERAGE SHARE ASSUMING FULL DILUTION - ------------------------------------------------- Net Income $ 82,019 $ 81,591 $ 62,909 Dividends on preferred stock (excluding dividends on convertible preferred stock) 1,320 1,320 1,320 ------------ ---------- ----------- Net income applicable to common stock $ 80,699 $ 80,271 $ 61,589 ============ ========== =========== Average common shares outstanding on a fully diluted basis assuming conversion of the outstanding shares of the $4.60 and $4.36 convertible preferred stock on October 1 of each year based on the applicable conversion price. 43,733 43,391 42,609 ============ ========== =========== Earnings per average share of common stock assuming full dilution $ 1.85 $ 1.85 $ 1.45 ============ ========== =========== - ---------------------------------------------------- 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.