Exhibit 11.0
PETROLEUM HEAT AND POWER CO., INC. AND SUBSIDIARIES
Computation of Net Income (Loss) Per Share
(In thousands except per share data)
Year Ended December 31,
------------------------------
1994 1995 1996
-------- -------- --------
Net Loss $ (4,265) $(23,479) $(28,315)
Preferred Dividends (3,511) (3,263) (2,389)
-------- -------- --------
Net loss applicable to common stock
(7,776) (26,742) (30,704)
-------- -------- --------
Common stock dividends
Class A Common Stock 10,791 13,716 13,789
Class B Common Stock 238 -- --
Class C Common Stock 1,407 1,559 1,559
-------- -------- --------
12,436 15,275 15,348
-------- -------- --------
Undistributed net loss(1) $(20,211) $(42,017) $(46,052)
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Weighted average number of common shares
outstanding
Class A Common Stock 19,195 22,711 22,983
Class B Common Stock 152 15 12
Class C Common Stock 2,550 2,598 2,598
-------- -------- --------
21,897 25,324 25,593
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Net Income (loss) per common share:
Class A Common stock
Distributed $ 0.55 $ 0.60 $ 0.60
Undistributed(1) (0.92) (1.66) (1.80)
-------- -------- --------
$ (0.37) $ (1.06) $ (1.20)
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Class B Common Stock
Distributed $ 1.10 -- --
======== -------- --------
Class C Common Stock
Distributed $ 0.55 $ 0.60 $ 0.60
Undistributed (0.92) (1.66) (1.80)
-------- -------- --------
$ (0.37) $ (1.06) $ (1.20)
======== ======== ========
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(1) All of the undistributed net loss has been allocated to the Class A Common
Stock and Class C Common Stock since the Company exercised its right to
terminate the Special Dividends on the Class B Common Stock effective August 31,
1994 "the expiration date". As a result of the termination of the Special
Dividends, the holders of Class B Common Stock had the right to require the
Company to purchase their shares at $17.50 per share plus all accrued and unpaid
Special Dividends through the expiration date ($0.2763 per share for the period
July 1, 1994 through August 31, 1994). As of December 31, 1996, 206 shares of
Class B Common Stock were repurchased for approximately $3.6 million.
Prior to the termination of the Special Dividends, the Class B Common Stock
could not participate in any additional dividends until the aggregate amount of
dividends paid on Class A Common Stock and Class C Common Stock exceeded the
Common Stock Allocation as defined. In 1994 an additional $112.3 million had to
be paid as dividends on the Class A Common Stock and Class C Common Stock to
reach the Common Stock Allocation.