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EXHIBIT 11.1
Continental Natural Gas, Inc. and Subsidiaries
Computation of Earnings Per Share
Year Ended December 31, Three Months Ended March 31,
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1994 1995 1996 1996 1997
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PRIMARY EARNINGS PER SHARE
Income before extraordinary item $4,756,112 $5,109,951 $7,620,280 $1,367,611 $ 986,528
Preferred dividends (47,250) (47,250) (587,250) (150,000) (111,750)
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Adjusted income before extraordinary item $4,708,862 $5,062,701 $7,033,030 $1,217,611 $ 874,778
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Net income 4,756,112 5,109,951 7,193,060 1,367,611 986,528
Preferred dividends (47,250) (47,250) (587,250) (150,000) (111,750)
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Adjusted net income $4,708,862 $5,062,701 $6,605,810 $1,217,611 $ 874,778
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Reconciliation of weighted average number of shares
outstanding to amount used in primary earnings per
share computation:
Weighted average number of shares outstanding 3,151,156 3,151,156 3,536,136 3,305,110 3,613,153
Dilutive effect of assumed exercise of options and
warrants 64,192 34,272
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Weighted average number of common and common
equivalent shares outstanding 3,215,349 3,185,428 3,536,136 3,305,110 3,613,153
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Primary Earnings Per Share:
Income before extraordinary item $ 1.46 $ 1.59 $ 1.99 $ 0.37 $ 0.24
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Net income $ 1.46 $ 1.59 $ 1.87 $ 0.37 $ 0.24
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FULLY DILUTED EARNINGS PER SHARE
Income before extraordinary item 4,756,112 5,109,951 7,620,280 1,367,611 986,528
Preferred dividends on nonconvertible preferred
stock (47,250) (47,250)
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Adjusted income before extraordinary item $4,708,862 $5,062,701 $7,620,280 $1,367,611 $ 986,528
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Net income 4,756,112 5,109,951 7,193,060 1,367,611 986,528
Preferred dividends on nonconvertible
preferred stock (47,250) (47,250)
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Adjusted net income 4,708,862 5,062,701 7,193,060 1,367,611 986,528
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Reconciliation of weighted average number of shares
outstanding to amount used in fully diluted earnings
per share computation:
Weighted average number of shares outstanding 3,151,156 3,151,156 3,536,176 3,305,110 3,613,153
Dilutive effect of assumed conversion of preferred
stock 770,721 787,857 586,847
Dilutive effect of assumed exercise of options and
warrants 91,121 35,088 159,394 62,425 192,986
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Weighted average number of common and common
equivalent shares outstanding 3,242,277 3,186,244 4,466,291 4,155,391 4,392,986
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FULLY DILUTED EARNINGS PER SHARE:
Income before extraordinary item $ 1.45 $ 1.59 $ 1.71 $ 0.33 $ $0.22
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Net income $ 1.45 $ 1.59 $ 1.61 $ 0.33 $ $0.22
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