Exterran Energy Corp. – IPO: ‘S-1/A’ on 6/26/97 – EX-11.1

As of:  Thursday, 6/26/97   ·   Accession #:  950129-97-2582   ·   File #:  333-24953

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Initial Public Offering (IPO):  Pre-Effective Amendment to Registration Statement (General Form)   —   Form S-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: S-1/A       Hanover Compressor Company--Form S-1/A                96    530K 
 2: EX-3.4      Second Certificate of Amendment--Filed 6/24/97         1      7K 
 3: EX-10.23    1997 Stock Option Plan                                 8     38K 
 4: EX-10.24    1997 Stock Purchase Plan                              12     63K 
 5: EX-11.1     Statement Re-Computation of Per Share Earnings         2±    11K 
 6: EX-23.1     Consent of Price Waterhouse LLP                        1      6K 
 7: EX-23.2     Consent of Arthur Andersen LLP                         1      5K 
 8: EX-27       Financial Data Schedule, as Amended                    1      9K 

EX-11.1   —   Statement Re-Computation of Per Share Earnings

EX-11.1
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                                                                    EXHIBIT 11.1

HANOVER COMPRESSOR COMPANY
COMPUTATION OF EARNINGS PER SHARE 
(in thousands, except per share data) 

                                                        [Enlarge/Download Table]

                                                       Year ended December 31,            
                                              ------------------------------------------- 
                                                1992     1993     1994     1995     1996  

                                              ------------------------------------------- 
                                                                                          
Primary Earnings Per Common Share:                                                        
----------------------------------                                                        
Net income, as reported                       $   988  $ 2,671  $ 4,388  $ 5,614  $10,381 
Dividends on preferred stock                                                (832)  (1,773)
Series A Preferred stock exchange(1)                                               (3,794)
Series B Preferred stock conversion(1)                                             (1,400)
                                              ------------------------------------------- 
Net income available for common shareholders  $   988  $ 2,671  $ 4,388  $ 4,782  $ 3,414 
                                              =========================================== 
Weighted average common shares outstanding      7,782   10,877   13,069   14,374   20,498 
Common equivalent shares(2)                        34      103      537      905    1,327 
Cheap stock(3)                                    515      515      515      515      454 
                                              ------------------------------------------- 
Total common and common equivalent shares       8,331   11,495   14,121   15,794   22,279 
                                              =========================================== 
Earnings per common share                     $  0.12  $  0.23  $  0.31  $  0.30  $  0.15 
                                              =========================================== 

                                               Quarter ended                              
                                                  March 31,                               
                                              ----------------                            
                                                1996     1997                             
                                              ----------------                            
                                                                                          
Primary Earnings Per Common Share:                                                        
----------------------------------                                                        
Net income, as reported                       $ 2,192  $ 3,394                            
Dividends on preferred stock                     (513)                                    
Series A Preferred stock exchange(1)                                                      
Series B Preferred stock conversion(1)                                                    
                                              ----------------                            
Net income available for common shareholders  $ 1,679  $ 3,394                            
                                              ================                            
Weighted average common shares outstanding     20,277   22,909                            
Common equivalent shares(2)                     1,411    1,581                            
Cheap stock(3)                                    626        1                            
                                              ----------------                            
Total common and common equivalent shares      22,314   24,491                            
                                              ================                            
Earnings per common share                     $  0.08  $  0.14                            
                                              ================                            

                                                                          Year    Quarter 
                                                                          ended    ended  
                                                                         December  March  
                                                                            31,      31,  
                                                                           1996     1997  
                                                                         -------  ------- 
                                                                                          
Supplemental Earnings Per Common Share:                                                   
---------------------------------------                                                   
Net income available for common                                                           
  shareholders                                                           $ 3,414  $ 3,394 
Add interest on debt to be repaid from                                                    
  proceeds                                                                 4,519    1,191 
Less income tax effect                                                    (1,794)    (473)
                                                                         -------  ------- 
Net income used in supplemental EPS                                      $ 6,139  $ 4,112 
                                                                         =======  ======= 
Shares used in primary EPS computation                                    22,278   24,491 
Plus shares assumed to be issued to retire                                                
  debt                                                                     4,097    4,158 
                                                                         -------  ------- 
Shares used in supplemental EPS computation                               26,375   28,649 
                                                                         =======  ======= 
Supplemental earnings per common share                                   $  0.23  $  0.14 
                                                                         =======  ======= 

----------                                                                      

(1) See "Note 7 -- Redeemable Preferred Stock" in the Notes to Consolidated     
Financial Statements.                                                   

(2) Net effect of dilutive stock options and warrants, calculated using the     
    treasury stock method using average market price. Fully diluted earnings per
  share is not presented since it is the same as primary earnings per share.
The effect of convertible redeemable preferred stock is antidilutive for
1995 and 1996.                                                          

(3) See "Note 1 -- Description of Business and Significant Accounting Policies" 
in the Notes to Consolidated Financial Statements.