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EXHIBIT 11
CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
STATEMENT OF NET INCOME (LOSS) PER SHARE
($ IN THOUSANDS, EXCEPT PER SHARE)
Years Ended June 30,
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1997 1996 1995
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PRIMARY INCOME (LOSS) PER SHARE
Net income (loss) applicable to Common Stock:
Income (loss) before extraordinary item $(176,757) $ 23,355 $ 11,661
Extraordinary item (6,620) -- --
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Net income (loss) $(183,377) $ 23,355 $ 11,661
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Weighted average common shares outstanding 65,767 54,564 52,624
Adjustment to weighted average common shares outstanding:
Add dilutive effect of employee options -- 3,778 3,248
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Weighted average common shares outstanding,
as adjusted 65,767 58,342 55,872
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Net income (loss) per common share, as adjusted
Income (loss) before extraordinary item $ (2.69) $ 0.40 $ 0.21
Extraordinary item (0.10) -- --
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Net income (loss) $ (2.79) $ .40 $ .21
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FULLY DILUTED INCOME (LOSS) PER SHARE
Net income (loss) applicable to Common Stock:
Income (loss) before extraordinary item $(176,757) $ 23,355 $ 11,661
Extraordinary item (6,620) -- --
--------- --------- ---------
Net income (loss) $(183,377) $ 23,355 $ 11,661
========= ========= =========
Weighted average common shares outstanding 65,767 54,564 52,624
Adjustment to weighted average common shares outstanding:
Add dilutive effect of employee options -- 4,358 3,982
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Weighted average common shares outstanding,
as adjusted 65,767 58,922 56,606
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Net income (loss) per common share, as adjusted
Income (loss) before extraordinary item $ (2.69) $ 0.40 $ 0.21
Extraordinary item (0.10) -- --
--------- --------- ---------
Net income (loss) $ (2.79) $ .40 $ .21
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