Covanta Energy Corp – ‘10-K’ for 12/31/93 – EX-11

As of:  Tuesday, 3/29/94   ·   For:  12/31/93   ·   Accession #:  73902-94-2   ·   File #:  1-03122

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         59±   244K 
 3: EX-3.2      Amended By-Laws                                        7±    31K 
 4: EX-10.2     Revolving Credit Agreement                            84    315K 
 5: EX-10.8(O)  Scott Mackin Employment Agreement                      9±    46K 
 6: EX-10.8(P)(I)  Ogden Profit Sharing Plan                          47±   208K 
 7: EX-10.8(W)  Ogden Projects Pension/Profit Sharing Amendments       2     11K 
 8: EX-11       Computation of Earnings Applicable to Common Stock     2     10K 
 9: EX-13       Parts of Annual Report Incorporated by Reference      27    158K 
10: EX-21       Subsidiary List                                        8±    31K 
11: EX-24       Independent Auditors' Consent                          1      7K 
 2: EX-99       Exhibit Index                                          6     25K 

EX-11   —   Computation of Earnings Applicable to Common Stock

EX-11
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                                  EXHIBIT 11                                  
                      OGDEN CORPORATION AND SUBSIDIARIES                      
                       DETAIL OF COMPUTATION OF EARNINGS                      
                          APPLICABLE TO COMMON STOCK                          
                  FOR THE THREE YEARS ENDED DECEMBER 31, 1993                 


                                           1993         1992          1991    
                                                                              

NUMBER OF SHARES USED FOR COMPUTATION                                         
OF EARNINGS PER SHARE:                                                        

Average number of common shares         43,378,000    43,086,000   42,969,000 

NUMBER OF SHARES USED FOR COMPUTATION                                         
OF EARNINGS PER SHARE ASSUMING FULL                                           
DILUTION:                                                                     

Average number of common shares         43,378,000    43,086,000   42,969,000 
Issuable for options-treasury                                                 
stock method                                                                  
Shares issuable for conversion of                                             
preferred stock                            356,000       382,000      419,000 
Shares issuable for conversion of                                             
debentures                                  42,000       115,000      124,000 

Number of shares used for computation   43,776,000    43,583,000   43,512,000 

COMPUTATION OF EARNINGS APPLICABLE                                            
TO COMMON SHARES:                                                             
Income from continuing operations                                             
before cumulative effect of changes                                           
in accounting principles               $62,130,000   $60,767,000  $57,604,000 
Add (deduct):                                                                 
Adjustments arising from minority                                             
interest in consolidated subsidiaries       32,000        13,000        1,000 
Dividends on Ogden preferred stock        (199,000)     (213,000)    (239,000)

Consolidated income applicable to                                             
 Ogden common stock                    $61,963,000   $60,567,000  $57,366,000 

Loss from discontinued operations                                ($13,880,000)

Cumulative effect of changes in                                               
 accounting principles                 ($5,340,000)  ($5,186,000)             

EX-11
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COMPUTATION OF EARNINGS APPLICABLE                                            
TO COMMON SHARE ASSUMING FULL                                                 
DILUTION:                                                                     
Income from continuing operations                                             
before cumulative effect of                                                   
changes in accounting principles       $62,130,000   $60,767,000  $57,604,000 
Add:                                                                          
Adjustments arising from minority                                             
interest in consolidated subsidiaries       32,000        13,000        1,000 
Debenture interest (net of applicable                                         
income taxes)                               16,000        49,000       56,000 
Consolidated income applicable to                                             
 Ogden common stock                    $62,178,000   $60,829,000  $57,661,000 

Loss from discontinued operation                                 ($13,880,000)

Cumulative effect of changes in                                               
 accounting principles                 ($5,340,000)  ($5,186,000)             

Note: Current options result in less than three percent dilution with the     
       expectation of continuing at less than three percent dilution.         

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10-K’ Filing		Date		First		Last			Other Filings
Filed on:		3/29/94
For Period End:		12/31/93		1					11-K
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