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EXHIBIT 11
CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
STATEMENT OF NET INCOME PER SHARE
($ in thousands, except per share)
(Unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31, MARCH 31,
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1996 1995 1996 1995
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PRIMARY INCOME PER SHARE
Computation for statement of operations
Net income per statement of operations $ 7,623 $ 2,305 $15,997 $ 7,889
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Common shares outstanding 17,843 17,493 17,843 17,493
Adjustment to weighted average
common shares outstanding:
Add dilutive effect of:
Employee Options 1,647 1,149 1,485 950
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Weighted average common shares and common
equivalent shares outstanding, as adjusted 19,490 18,642 19,328 18,443
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Net income per common share,
as adjusted $ .39 $ .12 $ .83 $ .43
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FULLY DILUTED INCOME PER SHARE
Net income applicable to common stock as
shown in primary computation above $ 7,623 $ 2,305 $15,997 $ 7,889
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Common shares outstanding 17,843 17,493 17,843 17,493
Adjustment to weighted average
common shares outstanding:
Add fully dilutive effect of:
Employee Options 1,704 1,353 1,721 1,236
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Weighted average common shares and common
equivalent shares outstanding, as adjusted 19,547 18,846 19,564 18,729
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Fully diluted net income per common share $ .39 $ .12 $ .82 $ .42
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(A) The calculations for the Nine Months Ended March 31, 1996 and 1995, are
submitted in accordance with Regulation S-K Item 601(b)(11).