THE AES CORPORATION EXHIBIT 11
STATEMENTS REGARDING COMPUTATION OF EARNINGS PER SHARE
FOR THE PERIODS ENDED JUNE 30, 1998 AND 1999
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THREE THREE SIX SIX
MONTHS MONTHS MONTHS MONTHS
ENDED ENDED ENDED ENDED
6/30/98 6/30/99 6/30/98 6/30/99
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($ in millions, except per share amounts)
BASIC
WEIGHTED AVERAGE SHARES
OUTSTANDING 175.6 191.6 175.4 184.1
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NET INCOME $ 71 $ 71 $ 136 $ 58
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PER SHARE AMOUNT $ 0.41 $ 0.37 $ 0.77 $ 0.31
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DILUTED
Weighted Average Number of Shares
of Common Stock Outstanding 175.6 191.6 175.4 184.1
Net effect of Dilutive Stock Options and
Warrants Based on the Treasury Stock
Method Using Ending Market Price 4.7 4.5 4.6 4.2
Stock Units Allocated to the Deferred
Compensation Plans for
Executives and Directors 0.3 0.3 0.3 0.3
Effect of Tecons - Based on
the If-Converted Method 6.9 6.9 6.9 -
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WEIGHTED AVERAGE SHARES
OUTSTANDING 187.5 203.3 187.2 188.6
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NET INCOME $ 71 $ 71 $ 136 $ 58
Additional Contribution to Net Income if
Tecons is fully converted 3 3 5 -
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ADJUSTED NET INCOME $ 74 $ 74 $ 141 $ 58
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PER SHARE AMOUNT $ 0.39 $ 0.36 $ 0.75 $ 0.31
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