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EXHIBIT 11.1
BELDEN & BLAKE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON
AND COMMON EQUIVALENT SHARES
(in thousands, except per share data)
Three months
ended March 31
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1996 1995
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Average shares outstanding 11,161 7,102
Net effect of conversion of stock options and warrants -- --
Total primary shares 11,161 7,102
Net effect of convertible securities -- --
Total fully diluted shares 11,161 7,102
Net income $ 3,425 $ 739
Less preferred stock dividends 45 45
Net income applicable to common shares primary 3,380 694
Plus 7.5% preferred stock dividends -- --
Net income applicable to common shares fully diluted 3,380 694
Earnings per common share primary .30 .10
Earnings per common share fully diluted .30 .10
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.