EXHIBIT 11.1
TRITON ENERGY LIMITED AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER ORDINARY SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
THREE MONTHS ENDED
SEPTEMBER 30,
-------------------------
1997 1996
-------------------------
PRIMARY COMPUTATION:
Earnings from continuing operations $ 6,201 $ 19,549
Dividends on preference shares (187) (213)
-------- --------
Earnings before extraordinary item applicable to
ordinary shares 6,014 19,336
Extraordinary item on extinguishment of debt --- (762)
-------- --------
Net earnings (loss) applicable to ordinary shares $ 6,014 $ 18,574
-------- --------
Shares:
Average number of ordinary shares outstanding 36,534 36,298
Additional shares assuming conversion of
stock options and convertible debentures 536 799
-------- --------
Average ordinary and equivalent shares outstanding 37,070 37,097
-------- --------
PRIMARY EARNINGS (LOSS) PER ORDINARY SHARE:
Earnings before extraordinary item $ 0.16 $ 0.52
Extraordinary item --- (0.02)
-------- --------
Net earnings (loss) $ 0.16 $ 0.50
-------- --------
FULLY DILUTED COMPUTATION:*
Earnings before extraordinary item applicable to ordinary shares $ 6,201 $ 19,549
Extraordinary item on extinguishment of debt --- (762)
-------- --------
Net earnings (loss) applicable to ordinary shares as adjusted $ 6,201 $ 18,787
-------- --------
Shares:
Average number of ordinary shares outstanding 36,534 36,298
Additional shares assuming conversion of:
Stock options and convertible debentures 541 798
Preference shares 218 248
-------- --------
Average ordinary and equivalent shares outstanding as adjusted 37,293 37,344
-------- --------
FULLY DILUTED EARNINGS (LOSS) PER ORDINARY SHARE:
Earnings before extraordinary item $ 0.17 $ 0.52
Extraordinary item --- (0.02)
-------- --------
Net earnings (loss) $ 0.17 $ 0.50
-------- --------
NINE MONTHS ENDED
SEPTEMBER 30,
-------------------------
1997 1996
-------------------------
PRIMARY COMPUTATION:
Earnings from continuing operations $ 9,379 $43,596
Dividends on preference shares (400) (985)
--------- --------
Earnings before extraordinary item applicable to
ordinary shares 8,979 42,611
Extraordinary item on extinguishment of debt (14,491) (1,196)
--------- --------
Net earnings (loss) applicable to ordinary shares $ (5,512) $41,415
--------- --------
Shares:
Average number of ordinary shares outstanding 36,448 35,792
Additional shares assuming conversion of
stock options and convertible debentures 571 1,027
--------- --------
Average ordinary and equivalent shares outstanding 37,019 36,819
--------- --------
PRIMARY EARNINGS (LOSS) PER ORDINARY SHARE:
Earnings before extraordinary item $ 0.24 $ 1.15
Extraordinary item (0.39) (0.03)
--------- --------
Net earnings (loss) $ (0.15) $ 1.12
--------- --------
FULLY DILUTED COMPUTATION:*
Earnings before extraordinary item applicable to ordinary shares $ 9,379 $43,596
Extraordinary item on extinguishment of debt (14,491) (1,196)
--------- --------
Net earnings (loss) applicable to ordinary shares as adjusted $ (5,112) $42,400
--------- --------
Shares:
Average number of ordinary shares outstanding 36,448 35,792
Additional shares assuming conversion of:
Stock options and convertible debentures 571 1,022
Preference shares 218 247
--------- --------
Average ordinary and equivalent shares outstanding as adjusted 37,237 37,061
--------- --------
FULLY DILUTED EARNINGS (LOSS) PER ORDINARY SHARE:
Earnings before extraordinary item $ 0.25 $ 1.17
Extraordinary item (0.39) (0.03)
--------- --------
Net earnings (loss) $ 0.14 $ 1.14
--------- --------
* 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, 1997 and the nine months ended September 30, 1996.