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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
ended March 31
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1997 1996
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Average shares outstanding...................................................... 11,264 11,161
Net effect of conversion of stock options and warrants.......................... -- --
Total primary shares............................................................ 11,264 11,161
Net effect of convertible securities............................................ -- --
Total fully diluted shares...................................................... 11,264 11,161
Net income...................................................................... $ 4,847 $ 3,425
Less preferred stock dividends.................................................. 45 45
Net income applicable to common shares primary.................................. 4,802 3,380
Plus 7.5% preferred stock dividends............................................. -- --
Net income applicable to common shares fully diluted............................ 4,802 3,380
Earnings per common share primary............................................... .43 .30
Earnings per common share fully diluted......................................... .43 .30
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.