Exhibit 11.0
PETROLEUM HEAT AND POWER CO., INC. AND SUBSIDIARIES
Computation of Net Income (Loss) Per Share
(In thousands except per share data)
Year Ended December 31,
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1995 1996 1997
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Net Loss $ (23,479) $ (28,315) $ (22,899)
Preferred Dividends (3,263) (2,389) (4,644)
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Net loss applicable to common stock
(26,742) (30,704) (27,543)
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Common stock dividends
Class A Common Stock 13,716 13,789 7,019
Class B Common Stock - - -
Class C Common Stock 1,559 1,559 779
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15,275 15,348 7,798
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Undistributed net loss(1) $ (42,017) $ (46,052) $ (35,341)
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Weighted average number of common shares
outstanding
Class A Common Stock 22,711 22,983 23,441
Class B Common Stock 15 12 11
Class C Common Stock 2,598 2,598 2,598
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25,324 25,593 26,050
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Basic and Diluted earnings (losses) per
common share:
Class A Common stock
Distributed $ 0.60 $ 0.60 $ 0.30
Undistributed(1) (1.66) (1.80) (1.36)
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$ (1.06) $ (1.20) $ (1.06)
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Class B Common Stock
Distributed $ - $ - $ -
Class C Common Stock
Distributed $ 0.60 $ 0.60 $ 0.30
Undistributed (1.66) (1.80) (1.36)
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$ (1.06) $ (1.20) $ (1.06)
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(1) All of the undistributed net loss has been allocated to the Class A Common
Stock and Class C Common Stock since the Company exercised its right to
terminate the Special Dividends on the Class B Common Stock effective August 31,
1994 "the expiration date". As a result of the termination of the Special
Dividends, the holders of Class B Common Stock had the right to require the
Company to purchase their shares at $17.50 per share plus all accrued and unpaid
Special Dividends through the expiration date ($0.2763 per share for the period
July 1, 1994 through August 31, 1994). As of December 31, 1997, 206 shares of
Class B Common Stock were repurchased for approximately $3.6 million.
Prior to the termination of the Special Dividends, the Class B Common Stock
could not participate in any additional dividends until the aggregate amount of
dividends paid on Class A Common Stock and Class C Common Stock exceeded the
Common Stock Allocation as defined. In 1994 an additional $112.3 million had to
be paid as dividends on the Class A Common Stock and Class C Common Stock to
reach the Common Stock Allocation.