EXHIBIT 11 – Computation of Per Share Earnings
(In thousands, except per share data) | 2006 | 2005 | 2004 | |||||||||
NUMERATOR: | ||||||||||||
Income before cumulative effect of a change in accounting principle | $ | 153,072 | $ | 61,573 | $ | 7,478 | ||||||
Cumulative effect of a change in accounting principle | — | — | (162,858 | ) | ||||||||
Net income (loss) | 153,072 | 61,573 | (155,380 | ) | ||||||||
Effect of dilutive securities: | ||||||||||||
None | — | — | — | |||||||||
Numerator for net income (loss) per common share — diluted | $ | 153,072 | $ | 61,573 | $ | (155,380 | ) | |||||
DENOMINATOR: | ||||||||||||
Weighted average common shares | 352,155 | 319,890 | 315,000 | |||||||||
Effect of dilutive securities: | ||||||||||||
Stock options and restricted stock awards | 107 | 31 | — | |||||||||
Denominator for net income (loss) per common share — diluted | 352,262 | 319,921 | 315,000 | |||||||||
Net income (loss) per common share: | ||||||||||||
Income before cumulative effect of a change in accounting principle — Basic | $ | .43 | $ | .19 | $ | .02 | ||||||
Cumulative effect of a change in accounting principle — Basic | — | — | (.52 | ) | ||||||||
Net income (loss) — Basic | $ | .43 | $ | .19 | $ | (.50 | ) | |||||
Income before cumulative effect of a change in accounting principle — Diluted | $ | .43 | $ | .19 | $ | .02 | ||||||
Cumulative effect of a change in accounting principle — Diluted | — | — | (.52 | ) | ||||||||
Net income (loss) — Diluted | $ | .43 | $ | .19 | $ | (.50 | ) | |||||