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EXHIBIT 11
PAGE 1 OF 3
ALEXANDER ENERGY CORPORATION
COMPUTATION OF EARNINGS (LOSS) PER SHARE
YEARS ENDED DECEMBER 31, 1992, 1993 AND 1994
For the Twelve Months Ended For the Twelve
----------------------------------------------------- Months Ended
March 31, June 30, September 30, December 31, December 31,
--------- -------- ------------- ------------ --------------
1994:
Weighted average common and
common equivalent shares:
Common stock outstanding from
beginning of period . . . . . . . 11,715,504 11,715,504 11,715,504 12,161,476
Common stock issued. . . . . . . . - - 355,715 37,916
Common stock equivalents . . . . . 516,483 454,584 - -
---------- ---------- ------------ ------------
12,231,987 12,170,088 12,071,219 12,199,392
========== ========== ============ ============
Weighted average shares (sum of quarters above divided by four). . . . . . . . . . . . . . . . 12,168,172
============
Net income (loss) applicable to
common stock:
Income (loss) before extraordinary
item. . . . . . . . . . . . . . . $ 945,560 $ 490,440 $ (1,945,558) $ (1,784,664) $ (2,294,222)
Gain on extraordinary item . . . . - - - 1,051,760 1,051,760
---------- ---------- ------------ ------------ ------------
Net income (loss) applicable to
common stock . . . . . . . . . . . $ 945,560 $ 490,440 $ (1,945,558) $ (732,904) $ (1,242,462)
========== ========== ============ ============ ============
Income (loss) per common and
common equivalent share:
Income (loss) before gain on
extraordinary item . . . . . . . . $ .08 $ .04 $ (.16) $ (.15) $ (.19)
Gain on extraordinary item . . . . - - - .09 .09
---------- ---------- ------------ ------------ ------------
Net income (loss) per common
share . . . . . . . . . . . . . . . $ .08 $ .04 $ (.16) $ (.06) $ (.10)
========== ========== ============ ============ ============
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PAGE 2 OF 3
ALEXANDER ENERGY CORPORATION
COMPUTATION OF EARNINGS (LOSS) PER SHARE
YEARS ENDED DECEMBER 31, 1992, 1993 AND 1994
For the Twelve Months Ended For the Twelve
---------------------------------------------------- Months Ended
March 31, June 30, September 30, December 31, December 31,
--------- -------- ------------- ------------ --------------
1993:
Weighted average common and
common equivalent shares:
Common stock outstanding from
beginning of period . . . . . . 6,329,028 9,357,908 9,551,341 11,336,674
Common stock issued . . . . . . . 937,810 137,052 490,921 4,678
Common stock equivalents . . . . --- 738,393 854,822 855,579
--------- ---------- ---------- ----------
7,266,838 10,233,353 10,897,084 12,196,931
========= ========== ========== ==========
Weighted average shares (sum of quarters above divided by four). . . . . . . . . . . . . . . 10,148,552
Net income (loss) applicable to ==========
common stock:
Income (loss) before loss on
extraordinary item and cumulative
effect of accounting change . . . $(514,245) $1,690,613 $ 859,501 $ 538,719 $2,574,588
Dividend on preferred stock, if not
converted . . . . . . . . . . . (19,273) (9,000) (8,384) --- (36,657)
--------- ---------- ---------- ---------- ----------
Income (loss) before loss on
extraordinary item and cumulative
effect of accounting change . . . (533,518) 1,681,613 851,117 538,719 2,537,931
Loss on extraordinary item . . . --- (510,000) --- --- (510,000)
Cumulative effect of accounting
change . . . . . . . . . . . . . 425,000 --- --- --- 425,000
--------- ---------- ---------- ---------- ----------
Net income (loss) applicable to
common stock . . . . . . . . . . $(108,518) $1,171,613 $ 851,117 $ 538,719 $2,452,931
========= ========== ========== ========== ==========
Income (loss) per common and common
equivalent shares:
Income (loss) before cumulative
effect of accounting change and
extraordinary item . . . . . . . $ (.07) $ .16 $ .08 $ .04 $ .25
Loss on extraordinary item . . . . --- (.05) --- --- (.05)
Cumulative effect of accounting
change . . . . . . . . . . . . . .06 --- --- --- .04
--------- ---------- ---------- ---------- ----------
Net income (loss) per common
share . . . . . . . . . . . . . $ (.01) $ .11 $ .08 $ .04 $ .24
========= ========== ========== ========== ==========
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PAGE 3 OF 3
ALEXANDER ENERGY CORPORATION
COMPUTATION OF EARNINGS (LOSS) PER SHARE
YEARS ENDED DECEMBER 31, 1992, 1993 AND 1994
For the Twelve Months Ended For the Twelve
----------------------------------------------------- Months Ended
March 31, June 30, September 30, December 31, December 31,
--------- -------- ------------- ------------ --------------
1992:
Weighted average common and
common equivalent shares:
Common stock outstanding from
beginning of period . . . . . . . 4,628,613 4,636,011 5,535,012 5,537,928
Common stock issued . . . . . . . . - 906,440 824 -
Preferred stock, if convened . . . - - - 333,333
Common stock equivalents . . . . . - - - 156,927
---------- ---------- ---------- ----------
4,628,613 5,542,451 5,535,836 6,028,188
========== ========== ========== ==========
Weighted average shares (sum of quarters above divided by four). . . . . . . . . . . . . . . . 5,433,722
==========
Net income (loss) applicable to
common stock:
Income (loss) before discontinued
operations . . . . . . . . . . . . $ (187,808) $ (92,791) $ 235,429 $ 587,424 $ 542,254
Dividend on preferred stock, if
not converted . . . . . . . . . . (43,437) (43,437) (43,437) (30,820) (161,131)
---------- ---------- ---------- ---------- ----------
Income (loss) before discontinued
operations . . . . . . . . . . . . (231,245) (136,228) 191,992 556,604 381,123
========== ========== ========== ========== ==========
Loss from discontinued
operations . . . . . . . . . . . . - - (681,142) - (681,142)
---------- ---------- ---------- ---------- ----------
Net income (loss) applicable to
common stock . . . . . . . . . . . $ (231,245) $ (136,228) $ (489,150) $ 556,604 $ (300,019)
Income (loss) per common and
common equivalent share:
Income (loss) before discontinued
operations . . . . . . . . . . . $ (.05) $ (.02) $ .03 $ .09 $ .07
Loss from discontinued operations . - - (.12) - (.13)
---------- ---------- ---------- ---------- ----------
Net income (loss) per common
share . . . . . . . . . . . . . . $ (.05) $ (.02) $ (.09) $ .09 $ (.06)
========== ========== ========== ========== ==========