EXHIBIT 11.1
TRITON ENERGY LIMITED AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER ORDINARY SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31,
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1997 1996
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PRIMARY COMPUTATION:
Net earnings $ 3,486 $11,351
Dividends on preference shares (213) (772)
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Net earnings applicable to ordinary shares $ 3,273 $10,579
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Shares:
Average number of ordinary shares outstanding 36,375 35,410
Additional shares assuming conversion of
stock options and convertible debentures 727 1,213
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Average ordinary and equivalent shares outstanding 37,102 36,623
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PRIMARY EARNINGS PER ORDINARY SHARE $ 0.09 $ 0.29
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FULLY DILUTED COMPUTATION:*
Net earnings $ 3,486 $11,351
Net interest expense related to convertible debt --- 196
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Net earnings applicable to ordinary shares as adjusted $ 3,486 $11,547
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Shares:
Average number of ordinary shares outstanding 36,375 35,410
Additional shares assuming conversion of:
Stock options and convertible debentures 727 1,304
Preference shares 247 257
Convertible debt of affiliate --- 556
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Average ordinary and equivalent shares
outstanding as adjusted 37,349 37,527
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FULLY DILUTED EARNINGS PER ORDINARY SHARE $ 0.09 $ 0.31
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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.