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,
-------------------- ------------------
1997 1996 1997 1996
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PRIMARY COMPUTATION:
Earnings (loss) from continuing operations $ (308) $12,696 $ 3,178 $24,047
Dividends on preference shares --- --- (213) (772)
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Earnings (loss) from continuing operations
applicable to ordinary shares (308) 12,696 2,965 23,275
Loss from discontinued operations --- --- --- ---
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Earnings (loss) before extraordinary item applicable to
ordinary shares (308) 12,696 2,965 23,275
Extraordinary item on extinguishment of debt (14,491) (434) (14,491) (434)
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Net earnings (loss) applicable to ordinary shares $ (14,799) $12,262 $ (11,526) $22,841
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Shares:
Average number of ordinary shares outstanding 36,432 35,661 36,404 35,536
Additional shares assuming conversion of
stock options and convertible debentures 478 1,072 577 1,133
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Average ordinary and equivalent shares outstanding 36,910 36,733 36,981 36,669
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PRIMARY EARNINGS (LOSS) PER ORDINARY SHARE:
Continuing operations $ (0.01) $ 0.34 $ 0.08 $ 0.63
Discontinued operations --- --- --- ---
Extraordinary item (0.39) (0.01) (0.39) (0.01)
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Net earnings (loss) $ (0.40) $ 0.33 $ (0.31) $ 0.62
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FULLY DILUTED COMPUTATION:*
Earnings (loss) from continuing operations $ (308) $12,696 $ 3,178 $24,047
Net interest expense related to convertible debt --- 196 --- 392
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Adjusted earnings (loss) from continuing operations
applicable to ordinary shares (308) 12,892 3,178 24,439
Loss from discontinued operations --- --- --- ---
-------------------- -------- ------------------ --------
Adjusted earnings (loss) before extraordinary item
applicable to ordinary shares (308) 12,892 3,178 24,439
Extraordinary item on extinguishment of debt (14,491) (434) (14,491) (434)
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Net earnings (loss) applicable to ordinary shares as adjusted $ (14,799) $12,458 $ (11,313) $24,005
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Shares:
Average number of ordinary shares outstanding 36,432 35,661 36,404 35,536
Additional shares assuming conversion of:
Stock options and convertible debentures 693 1,071 698 1,132
Preference shares 218 257 218 257
Convertible debt of affiliate --- 550 --- 556
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Average ordinary and equivalent shares
outstanding as adjusted 37,343 37,539 37,320 37,481
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FULLY DILUTED EARNINGS (LOSS) PER ORDINARY SHARE:
Continuing operations $ (0.01) $ 0.34 $ 0.09 $ 0.65
Discontinued operations --- --- --- ---
Extraordinary item (0.39) (0.01) (0.39) (0.01)
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Net earnings (loss) $ (0.40) $ 0.33 $ (0.30) $ 0.64
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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 six months ended June 30,
1997 and 1996.