1
EXHIBIT 11.1
- -------------------------------------------------------------------------------
BELDEN & BLAKE CORPORATION
COMPUTATION OF EARNINGS PER COMMON
AND COMMON EQUIVALENT SHARES
(in thousands, except per share data)
Three months Nine months
ended September 30, ended September 30,
--------------------------------- ----------------------------
1996 1995 1996 1995
---------------- -------------- ------------ -------------
Average shares outstanding ............................. 11,171 9,741 11,168 7,993
Net effect of conversion of stock options and
warrants ................................................ -- -- -- --
Total primary shares .................................... 11,171 9,741 11,168 7,993
Net effect of convertible securities..................... -- -- -- --
Total fully diluted shares .............................. 11,171 9,741 11,168 7,993
Net income .............................................. $ 3,186 $ 1,155 $ 10,013 $ 2,810
Less preferred stock dividends .......................... 45 45 135 135
Net income applicable to common shares
primary ............................................... 3,141 1,110 9,878 2,675
Plus 7.5% preferred stock dividends ..................... -- -- -- --
Net income applicable to common shares ................. 3,141 1,110 9,878 2,675
fully diluted
Earnings per common share primary ....................... .28 .11 .88 .33
Earnings per common share fully diluted ................. .28 .11 .88 .33
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.