GREKA ENERGY CORP, 10-Q, EX-11.1, 2000-11-14

GREKA ENERGY CORP
10-Q, EX-11.1, 2000-11-14
CRUDE PETROLEUM & NATURAL GAS

Previous: GREKA ENERGY CORP, 10-Q, 2000-11-14

Next: GREKA ENERGY CORP, 10-Q, EX-27.1, 2000-11-14



<PAGE>   1



                                                                    EXHIBIT 11.1


                    Computation of Earnings per Common Share


<TABLE>
<CAPTION>
                                     Three Months Ended             Nine Months Ended
                                        September 30,                 September 30,
                                      2000           1999           2000           1999
                                   ----------     ----------     ----------     ----------
<S>                                <C>            <C>            <C>            <C>
Basic Earnings
  Net Income to Common Shares      $4,640,048     $1,409,032     $9,054,198     $1,530,984

Basic Shares
  Weighted Average Outstanding      4,309,189      4,290,079      4,329,615      4,255,737


Basic Earnings per Share           $     1.08     $     0.33     $     2.09     $     0.36
                                   ==========     ==========     ==========     ==========

Net Income for Diluted Shares       4,713,847      1,409,032      9,275,598      1,597,651
Diluted Shares
  Weighted Average Outstanding      4,901,457      4,290,079      4,783,456      4,322,404


Diluted Earnings per Share         $     0.96     $     0.33     $     1.94     $     0.36
                                   ==========     ==========     ==========     ==========
</TABLE>