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<PAGE>
Exhibit 11
AES CORPORATION
STATEMENTS OF COMPUTATION OF EARNINGS PER SHARE
FOR THE PERIODS ENDING JUNE 30, 2000 AND 1999
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
June 30, 2000 June 30, 1999 June 30, 2000 June 30, 1999
------------- ------------- ------------- -------------
($ in millions, except per share amounts)
<S> <C> <C> <C> <C>
BASIC
Weighted average shares outstanding 432.5 383.2 423.4 368.2
======= ======= ======= =======
Income before extraordinary item $ 111 $ 71 $ 292 $ 58
Extraordinary Item -- -- (7) --
------- ------- ------- -------
Net income $ 111 $ 71 $ 285 $ 58
======= ======= ======= =======
Basic earnings per share before
extraordinary item $ 0.26 $ 0.19 $ 0.69 $ 0.16
Extraordinary item -- -- (0.02) --
------- ------- ------- -------
Basic earnings per share $ 0.26 $ 0.19 $ 0.67 $ 0.16
======= ======= ======= =======
DILUTED
Weighted average number of shares of
common stock outstanding 432.5 383.2 423.4 368.2
Net effect of dilutive stock options and warrants
based on the treasury stock method using
average market price 10.1 9.0 10.2 8.4
Stock units allocated to the deferred compensation
plans for executives and directors 0.6 0.6 0.5 0.6
Effect of tecons & convertible junior debentures-
based on the if-converted method 14.2 13.8 27.5 --
------- ------- ------- -------
Weighted average shares outstanding 457.4 406.6 461.6 377.2
======= ======= ======= =======
Income before extraordinary item $ 111 $ 71 $ 292 $ 58
Additional contribution to net income if tecons and
convertible junior debentures fully converted 1 3 11 --
------- ------- ------- -------
Adjusted net income before extraordinary item 112 74 303 58
------- ------- ------- -------
Extraordinary item -- -- (7) --
Adjusted net income $ 112 $ 74 $ 296 $ 58
======= ======= ======= =======
Diluted earnings per share before
extraordinary item $ 0.25 $ 0.18 $ 0.66 $ 0.16
Extraordinary item -- -- (0.02) --
------- ------- ------- -------
Diluted earnings per share $ 0.25 $ 0.18 $ 0.64 $ 0.16
======= ======= ======= =======
</TABLE>
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