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EXHIBIT 11.1
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BELDEN & BLAKE CORPORATION
COMPUTATION OF EARNINGS PER COMMON
AND COMMON EQUIVALENT SHARES
(in thousands, except per share data)
Three months Six months
ended June 30, ended June 30,
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1996 1995 1996 1995
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Average shares outstanding 11,171 7,106 11,166 7,104
Net effect of conversion of stock options and
warrants -- -- -- --
Total primary shares 11,171 7,106 11,166 7,104
Net effect of convertible securities -- -- -- --
Total fully diluted shares 11,171 7,106 11,166 7,104
Net income $ 3,402 $ 916 $ 6,827 $ 1,655
Less preferred stock dividends 45 45 90 90
Net income applicable to common shares
primary 3,357 871 6,737 1,565
Plus 7.5% preferred stock dividends -- -- -- --
Net income applicable to common shares
fully diluted 3,357 871 6,737 1,565
Earnings per common share primary .30 .12 .60 .22
Earnings per common share fully diluted .30 .12 .60 .22
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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