<PAGE>
Exhibit 11.1
(1 of 2)
Castle Energy Corporation
Statement of Computation of Earnings Per Share
(Dollars in thousands, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Year Ended September 30,
----------------------------------------------------------------------
2000 1999*
------------------------------ ----------------------------------
Basic Diluted Basic Diluted
------------- ------------ ------------ ---------------
<S> <C> <C> <C> <C>
I. Shares Outstanding, Net of Treasury
Stock Purchased and Options Exercised
During the Period:
Stock, net 7,639,287 7,639,287 8,822,187 8,822,187
Options exercised (weighted) 19,524 19,524
Purchase of treasury stock (weighted) (699,937) (699,937) (636,210) (636,210)
------------- ------------ ------------ -----------
6,939,350 6,939,350 8,205,501 8,205,501
II. Weighted Equivalent Shares:
Assumed options and warrants exercised 163,453 142,431
------------- ------------ ------------ -----------
III. Weighted Average Shares and Equivalent Shares 6,939,350 7,102,803 8,205,501 8,347,932
============= ============ ============ ===========
IV. Net Income $ 5,069 $ 5,069 $ 8,266 $ 8,266
============= ============ ============ ===========
V. Net Income Per Share $ .73 $ .71 $ 1.01 $ .99
============= ============ ============ ============
</TABLE>
* Retroactively restated to reflect 200% stock dividend effective January 31,
2000
<PAGE>
Exhibit 11.1
(2 of 2)
Castle Energy Corporation
Statement of Computation of Earnings Per Share
(Dollars in thousands, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended September 30,
----------------------------------------------------------------------
2000 1999*
------------------------------ ----------------------------------
Basic Diluted Basic Diluted
------------- ------------ ------------ ---------------
<S> <C> <C> <C> <C>
I. Shares Outstanding, Net of Treasury
Stock Purchased and Options Exercised
During the Period:
Stock, net 6,752,887 6,752,887 7,773,987 7,773,987
Options exercised (weighted)
Purchase of treasury stock (weighted) (2,840) (2,840) (49,782) (49,782)
----------- ----------- ----------- -----------
6,750,047 6,750,047 7,724,205 7,724,205
II. Weighted Equivalent Shares:
Assumed options and warrants exercised 214,594 122,766
----------- ----------- ----------- -----------
III. Weighted Average Shares and Equivalent Shares 6,750,047 6,964,641 7,724,205 7,846,971
========= =========== =========== ===========
IV. Net Income $ 4,063 $ 4,063 $ 917 $ 917
=========== =========== =========== ===========
V. Net Income Per Share $ .60 $ .58 $ .12 $ .12
=========== =========== =========== ===========
</TABLE>
* Retroactively restated to reflect 200% stock dividend effective January 31,
2000