EXHIBIT 11.1
TRITON ENERGY LIMITED AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER ORDINARY SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
------------------------------ ----------------------------
1996 1995 1996 1995
-------------------- -------- ------------------ --------
PRIMARY COMPUTATION:
Earnings from continuing operations $ 12,696 $ 5,007 $ 24,047 $ 4,654
Dividends on preference shares --- --- (772) (449)
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Earnings from continuing operations
applicable to ordinary shares 12,696 5,007 23,275 4,205
Loss from discontinued operations --- (2,619) --- (3,821)
-------------------- -------- ------------------ --------
Earnings before extraordinary item applicable to
ordinary shares 12,696 2,388 23,275 384
Extraordinary item on extinguishment of debt (434) --- (434) ---
-------------------- -------- ------------------ --------
Net earnings applicable to ordinary shares $ 12,262 $ 2,388 $ 22,841 $ 384
-------------------- -------- ------------------ --------
Shares:
Average number of ordinary shares outstanding 35,661 35,056 35,536 35,020
Additional shares assuming conversion of
stock options and convertible debentures 1,072 700 1,133 457
-------------------- -------- ------------------ --------
Average ordinary and equivalent shares outstanding 36,733 35,756 36,669 35,477
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PRIMARY EARNINGS (LOSS) PER ORDINARY SHARE:
Continuing operations $ 0.34 $ 0.14 $ 0.63 $ 0.12
Discontinued operations --- (0.07) --- (0.11)
Extraordinary item (0.01) --- (0.01) ---
-------------------- -------- ------------------ --------
Net earnings $ 0.33 $ 0.07 $ 0.62 $ 0.01
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FULLY DILUTED COMPUTATION:*
Earnings from continuing operations $ 12,696 $ 5,007 $ 24,047 $ 4,654
Net interest expense related to convertible debt 196 196 392 392
-------------------- -------- ------------------ --------
Adjusted earnings from continuing operations
applicable to ordinary shares 12,892 5,203 24,439 5,046
Loss from discontinued operations --- (2,619) --- (3,821)
-------------------- -------- ------------------ --------
Adjusted earnings before extraordinary item applicable
to ordinary shares 12,892 2,584 24,439 1,225
Extraordinary item on extinguishment of debt (434) --- (434) ---
-------------------- -------- ------------------ --------
Net earnings applicable to ordinary shares as adjusted $ 12,458 $ 2,584 $ 24,005 $ 1,225
-------------------- -------- ------------------ --------
Shares:
Average number of ordinary shares outstanding 35,661 35,056 35,536 35,020
Additional shares assuming conversion of:
Stock options and convertible debentures 1,071 877 1,132 885
Preference shares 257 556 257 556
Convertible debt of affiliate 550 522 556 522
-------------------- -------- ------------------ --------
Average ordinary and equivalent shares
outstanding as adjusted 37,539 37,011 37,481 36,983
-------------------- -------- ------------------ --------
FULLY DILUTED EARNINGS (LOSS) PER ORDINARY SHARE:
Continuing operations $ 0.34 $ 0.14 $ 0.65 $ 0.13
Discontinued operations --- (0.07) --- (0.10)
Extraordinary item (0.01) --- (0.01) ---
-------------------- -------- ------------------ --------
Net earnings $ 0.33 $ 0.07 $ 0.64 $ 0.03
-------------------- -------- ------------------ --------
*This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15
because it produces an anti-dilutive result for the six months ended June 30,
1996 and 1995.