EXHIBIT 11.1
TRITON ENERGY LIMITED AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER ORDINARY SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------------------ -----------------------------
1996 1995 1996 1995
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PRIMARY COMPUTATION:
Earnings from continuing operations $ 19,549 $ 1,279 $ 43,596 $ 5,933
Dividends on preference shares (213) (353) (985) (802)
-------------------- -------- ------------------- --------
Earnings from continuing operations
applicable to ordinary shares 19,336 926 42,611 5,131
Loss from discontinued operations --- --- --- (3,821)
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Earnings before extraordinary item applicable to
ordinary shares 19,336 926 42,611 1,310
Extraordinary item on extinguishment of debt (762) --- (1,196) ---
-------------------- -------- ------------------- --------
Net earnings applicable to ordinary shares $ 18,574 $ 926 $ 41,415 $ 1,310
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Shares:
Average number of ordinary shares outstanding 36,298 35,221 35,792 35,088
Additional shares assuming conversion of
stock options and convertible debentures 799 1,104 1,027 673
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Average ordinary and equivalent shares outstanding 37,097 36,325 36,819 35,761
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PRIMARY EARNINGS (LOSS) PER ORDINARY SHARE:
Continuing operations $ 0.52 $ 0.03 $ 1.15 $ 0.15
Discontinued operations --- --- --- (0.11)
Extraordinary item (0.02) --- (0.03) ---
-------------------- -------- ------------------- --------
Net earnings $ 0.50 $ 0.03 $ 1.12 $ 0.04
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FULLY DILUTED COMPUTATION:*
Earnings from continuing operations $ 19,549 $ 1,279 $ 43,596 $ 5,933
Net interest expense related to convertible debt --- 196 --- 588
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Adjusted earnings from continuing operations
applicable to ordinary shares 19,549 1,475 43,596 6,521
Loss from discontinued operations --- --- --- (3,821)
-------------------- -------- ------------------- --------
Adjusted earnings before extraordinary item applicable
to ordinary shares 19,549 1,475 43,596 2,700
Extraordinary item on extinguishment of debt (762) --- (1,196) ---
-------------------- -------- ------------------- --------
Net earnings applicable to ordinary shares as adjusted $ 18,787 $ 1,475 $ 42,400 $ 2,700
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Shares:
Average number of ordinary shares outstanding 36,298 35,221 35,792 35,088
Additional shares assuming conversion of:
Stock options and convertible debentures 798 1,105 1,022 1,049
Preference shares 248 411 247 410
Convertible debt of affiliate --- 556 --- 556
-------------------- -------- ------------------- --------
Average ordinary and equivalent shares
outstanding as adjusted 37,344 37,293 37,061 37,103
-------------------- -------- ------------------- --------
FULLY DILUTED EARNINGS (LOSS) PER ORDINARY SHARE:
Continuing operations $ 0.52 $ 0.04 $ 1.17 $ 0.17
Discontinued operations --- --- --- (0.10)
Extraordinary item (0.02) --- (0.03) ---
-------------------- -------- ------------------- --------
Net earnings $ 0.50 $ 0.04 $ 1.14 $ 0.07
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* 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 three months ended
September 30, 1995 and nine months ended September 30, 1996 and 1995.