Exhibit 11.1
COMPUTATION OF NET INCOME PER SHARE
(In millions, except share information)
For the Year Ended | For the Year Ended | For the Year Ended | For the Year Ended | For the Year Ended | ||||||||||||||||||||||||||||||||||||
December 31, 2008 | December 31, 2007 | December 31, 2006 | December 31, 2005 | December 31, 2004 | ||||||||||||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||||||||||||||
Income (loss) before cumulative effect of a change in accounting principle | $ | (689.9 | ) | $ | (689.9 | ) | $ | 241.5 | $ | 241.5 | $ | (710.4 | ) | $ | (710.4 | ) | $ | (1,381.5 | ) | $ | (1,381.5 | ) | $ | 422.2 | $ | 422.2 | ||||||||||||||
After-tax interest expense on convertible debt | — | — | — | — | — | — | — | — | — | 9.3 | ||||||||||||||||||||||||||||||
Income (loss) before cumulative effect of a change in accounting principle, for diluted net income (loss) per share | (689.9 | ) | (689.9 | ) | 241.5 | 241.5 | (710.4 | ) | (710.4 | ) | (1,381.5 | ) | (1,381.5 | ) | 422.2 | 431.5 | ||||||||||||||||||||||||
Cumulative effect of a change in accounting principle, net of tax | — | — | — | — | 2.9 | 2.9 | — | — | — | — | ||||||||||||||||||||||||||||||
Net income (loss), for diluted net income (loss) per share | $ | (689.9 | ) | $ | (689.9 | ) | $ | 241.5 | $ | 241.5 | $ | (707.5 | ) | $ | (707.5 | ) | $ | (1,381.5 | ) | $ | (1,381.5 | ) | $ | 422.2 | $ | 431.5 | ||||||||||||||
Weighted average shares: | ||||||||||||||||||||||||||||||||||||||||
Common shares outstanding | 77,242,360 | 77,242,360 | 76,826,765 | 76,826,765 | 68,607,262 | 68,607,262 | 67,166,668 | 67,166,668 | 68,278,858 | 68,278,858 | ||||||||||||||||||||||||||||||
Exercise of common stock equivalents (1) | — | — | — | 1,387,483 | — | — | — | — | — | 1,635,349 | ||||||||||||||||||||||||||||||
Shares issuable upon conversion of convertible debt (2) | — | — | — | — | — | — | — | — | — | 4,813,056 | ||||||||||||||||||||||||||||||
Common and equivalent shares outstanding | 77,242,360 | 77,242,360 | 76,826,765 | 78,214,248 | 68,607,262 | 68,607,262 | 67,166,668 | 67,166,668 | 68,278,858 | 74,727,263 | ||||||||||||||||||||||||||||||
Per common and equivalent share: | ||||||||||||||||||||||||||||||||||||||||
Income (loss) before cumulative effect of a change in accounting principle | $ | (8.93 | ) | $ | (8.93 | ) | $ | 3.14 | $ | 3.09 | $ | (10.35 | ) | $ | (10.35 | ) | $ | (20.57 | ) | $ | (20.57 | ) | $ | 6.18 | $ | 5.77 | ||||||||||||||
Cumulative effect of a change in accounting principle | — | — | — | — | 0.04 | 0.04 | — | — | — | — | ||||||||||||||||||||||||||||||
Net income (loss) | $ | (8.93 | ) | $ | (8.93 | ) | $ | 3.14 | $ | 3.09 | $ | (10.31 | ) | $ | (10.31 | ) | $ | (20.57 | ) | $ | (20.57 | ) | $ | 6.18 | $ | 5.77 | ||||||||||||||
(1) | Amount represents the number of common shares issued assuming the exercise of dilutive common stock equivalents, including stock options, restricted stock units, performance units and stock appreciation rights, reduced by the number of shares which could have been purchased with the proceeds from the exercise of such common stock equivalents. | |
(2) | Amount represents the number of common shares issued assuming the conversion of convertible debt outstanding. |