1 ALEXANDER ENERGY CORPORATION COMPUTATION OF EARNINGS (LOSS) PER SHARE THREE MONTHS ENDED MARCH 31, 1994 AND 1995 For the Three Months Ended March 31, ------------------------- 1994 1995 ----------- ----------- Weighted average common and commom equivalent shares: Common stock outstanding from beginning of period........................ 11,715,504 12,271,563 Common stock issued.......................... --- 1,053 Common stock equivalents..................... 516,483 --- ----------- ----------- 12,231,987 12,272,616 =========== =========== Net income (loss) applicable to common stock... $ 945,560 $ (441,302) =========== =========== Net income (loss) per common and common equivalent share............................. $ .08 $ (.04) =========== ===========