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EXHIBIT 11.1
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BELDEN & BLAKE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON
AND COMMON EQUIVALENT SHARES
Three months Nine months
ended September 30, ended September 30,
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1995 1994 1995 1994
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Average shares outstanding ....................... 9,741,156 7,084,737 7,992,704 7,078,707
Net effect of conversion of stock options and
warrants ........................................ -- -- -- --
Total primary shares .............................. 9,741,156 7,084,737 7,992,704 7,078,707
Net effect of convertible securities .............. -- -- -- --
Total fully diluted shares ........................ 9,741,156 7,804,737 7,992,704 7,078,707
Net income ........................................ $ 1,154,942 $ 1,079,937 $ 2,809,662 $ 2,992,104
Less preferred stock dividends .................... 45,000 45,000 135,000 135,000
Net income applicable to common shares
primary ......................................... 1,109,942 1,034,937 2,674,662 2,857,104
Plus 7.5% preferred stock dividends ............... -- -- -- --
Net income applicable to common shares
fully diluted ................................... 1,109,942 1,034,937 2,674,662 2,857,104
Earnings per common share primary ................. .11 .15 .33 .40
Earnings per common share fully diluted .......... .11 .15 .33 .40
The effects of common stock options, warrants and convertible securities have
not been included in the computation as their effect is either not dilutive or
antidilutive.
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