Exhibit 11 - COMPUTATION OF PER SHARE EARNINGS (Thousands of dollars, except per share data)
Six Months Ended June 30 Three Months Ended June 30 2001 2000 2001 2000 ---------- ---------- ----------- -----------
BASIC Average shares outstanding 59,999,194 60,969,469 60,015,025 60,837,740 Net (loss) income $(12,352) $37,280 $(14,574) $21,240
Per share amount $(0.21) $0.61 $(0.24) $0.35 ===== ===== ===== =====
DILUTED Average shares outstanding 59,999,194 60,969,469 60,015,025 60,837,740
Effect of dilutive securities based on the treasury stock method using the average market price if higher than the exercise price 201,633 201,645 261,696 266,108 ---------- ---------- ---------- ---------- 60,200,827 61,171,114 60,276,721 61,103,848 Net income $(12,352) $37,280 $(14,574) $21,240
Per share amount $(0.21) $0.61 $(0.24) $0.35 ===== ===== ===== =====