EXHIBIT 11.1
California Energy Company, Inc.
Calculation of Earnings per share in Accordance
with Interpretive Release No. 34-9083
for the three years ended December 31, 1993
(Dollars in thousands, except per share amounts)
1993 1992 1991
Actual weighted average shares outstanding for the
period 35,454,539 33,414,139 29,847,156
Dilutive stock options and warrants using average
market prices 3,030,431 3,330,618 4,844,869
Preferred Stock - 786,712 779,405
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Total number of shares based on shares outstanding
and the assumption that dilutive stock options and
warrants will be exercised at average stock market prices 38,484,970 37,531,469 35,471,430
Additional dilutive stock options and warrants using
ending market price - 1,282,223 992,399
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Total shares based on shares outstanding and the
assumption that dilutive stock options and warrants
will be exercised at ending market price 38,484,970 38,813,692 36,463,829
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Income before change in accounting principle and
extraordinary item $ 43,074 $ 38,810 $ 26,582
Cumulative effect of change in accounting principle 4,100 - -
Extraordinary item - (4,991) -
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Net income 47,174 33,819 26,582
Less: Series C Preferred stock dividends (4,630) (4,275) -
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Net income available for common shares $ 42,544 $ 29,544 $ 26,582
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Primary earnings per share before change in
accounting principle and extraordinary item $ 1.00 $ 0.92 $ 0.75
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Primary earnings per share $ 1.11 $ 0.79 $ 0.75
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Fully diluted earnings per share before change in
accounting principle and extraordinary item based
on SEC Interpretive Release No. 34-9083 $ 1.00 $ 0.89 $ 0.73
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Fully diluted earnings per share based on SEC
interpretive release No. 34-9083 $ 1.11 $ 0.76 $ 0.73
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