EXHIBIT 11 – Computation of Per Share Earnings
(In thousands, except per share data) | 2005 | 2004 | 2003 | |||||||||
NUMERATOR: | ||||||||||||
Income (loss) before cumulative effect of a change in accounting principle | $ | 61,573 | $ | 7,478 | $ | (34,993 | ) | |||||
Cumulative effect of a change in accounting principle | ¾ | (162,858 | ) | ¾ | ||||||||
Net income (loss) | 61,573 | (155,380 | ) | (34,993 | ) | |||||||
Effect of dilutive securities: | ||||||||||||
None | ¾ | ¾ | ¾ | |||||||||
Numerator for net income (loss) per common share - diluted | $ | 61,573 | $ | (155,380 | ) | $ | (34,993 | ) | ||||
DENOMINATOR: | ||||||||||||
Weighted average common shares | 319,890 | 315,000 | 315,000 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options and restricted stock awards | 31 | ¾ | ¾ | |||||||||
Denominator for net income (loss) per common share - diluted | 319,921 | 315,000 | 315,000 | |||||||||
Net income (loss) per common share: | ||||||||||||
Income before cumulative effect of a change in accounting principle — Basic | $ | .19 | $ | .02 | $ | (.11 | ) | |||||
Cumulative effect of a change in accounting principle — Basic | ¾ | (.52 | ) | ¾ | ||||||||
Net income (loss) — Basic | $ | .19 | $ | (.50 | ) | $ | (.11 | ) | ||||
Income before cumulative effect of a change in accounting principle — Diluted | $ | .19 | $ | .02 | $ | (.11 | ) | |||||
Cumulative effect of a change in accounting principle — Diluted | ¾ | (.52 | ) | ¾ | ||||||||
Net income (loss) — Diluted | $ | .19 | $ | (.50 | ) | $ | (.11 | ) | ||||