EXHIBIT 11 — COMPUTATION OF EARNINGS PER SHARE
Six Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||
(In thousands of dollars, except per share data) | 2006 | 2005 | 2006 | 2005 | ||||||||||||||
Numerator: | ||||||||||||||||||
Net income (loss) | $ | 56,180 | $ | 11,620 | $ | 48,047 | $ | 17,512 | ||||||||||
Effect of dilutive securities — none | — | — | — | — | ||||||||||||||
Numerator for net income per common share — diluted | $ | 56,180 | $ | 11,620 | $ | 48,047 | $ | 17,512 | ||||||||||
Denominator: | ||||||||||||||||||
Weighted average common shares | 350,001 | 315,000 | 350,002 | 315,000 | ||||||||||||||
Effect of dilutive securities | 1 | — | 1 | — | ||||||||||||||
Denominator for net income per common share — diluted | 350,002 | 315,000 | 350,003 | 315,000 | ||||||||||||||
Net income (loss) per common share: | ||||||||||||||||||
Basic | $ | .16 | $ | .04 | $ | .14 | $ | .06 | ||||||||||
Diluted | $ | .16 | $ | .04 | $ | .14 | $ | .06 | ||||||||||