A method for making gain compensated electromagnetic logging measurements of a subterranean formation includes rotating an electromagnetic logging tool in a subterranean wellbore. The logging tool includes a transmitter having at least one transmitting antenna axially spaced apart from a receiver having at least one receiving antenna. Electromagnetic waves are transmitted into the subterranean wellbore using the at least one transmitting antenna. Voltage measurements corresponding to the transmitted electromagnetic waves are received at the receiving antenna. The voltage measurements are processed to compute real and imaginary directional resistivity measurement quantities.
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