1 EXHIBIT 11 ALEXANDER ENERGY CORPORATION COMPUTATION OF EARNINGS (LOSS) PER SHARE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994 For the Three Months Ended ------------------------------------------ March 31, June 30, September 30, ----------- ----------- ------------- 1995 Weighted average common and common equivalent shares: Common stock outstanding from beginning of period . . . . . . . . . . . . . . . 12,271,563 12,273,993 12,279,756 Common stock issued . . . . . . . . . . . 1,053 3,217 97,881 Common stock equivalents . . . . . . . . --- --- --- ----------- ----------- ----------- 12,272,616 12,277,210 12,377,637 =========== =========== =========== Net loss . . . . . . . . . . . . . . . . . . $ (441,302) $ (212,507) $ (656,213) =========== =========== =========== Net loss per common and common equivalent share . . . . . . . . . . . $ (.04) $ (.02) $ (.05) =========== =========== =========== Weighted average shares (sum of quarters above divided by three) . . . . . . . . . . . . . . 12,309,154 =========== Net loss (sum of quarters above) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,310,022) =========== Net loss per common and common equivalent share . . . . . . . . . . . . . . . . . . . . . . . $ (.11) =========== 1994 Weighted average common and common equivalent shares: Common stock outstanding from beginning of period . . . . . . . . . . 11,715,504 11,715,504 11,715,504 Common stock issued . . . . . . . . . . . . --- --- 355,715 Common stock equivalents . . . . . . . . . 516,483 454,584 --- ----------- ----------- ----------- 12,231,987 12,170,088 12,071,219 =========== =========== =========== Net income (loss) . . . . . . . . . . . . . . $ 945,560 $ 490,440 $(1,945,558) =========== =========== =========== Net income (loss) per common and common equivalent share . . . . . . . . . . . $ .08 $ .04 $ (.16) =========== =========== =========== Weighted average shares (sum of quarters above divided by three) . . . . . . . . . . . . . . 12,157,765 =========== Net loss (sum of quarters above) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (509,558) =========== Net loss per common and common equivalent share . . . . . . . . . . . . . . . . . . . . . . . $ (.04) ===========