Exhibit 11 - COMPUTATION OF PER SHARE EARNINGS (Thousands of dollars, except per share data) Six Months Ended June 30 Three Months Ended June 30 2000 1999 2000 1999 ---------- ---------- ----------- ----------- BASIC Average shares outstanding 60,969,469 61,884,046 60,837,740 61,906,626 Net income $37,280 $28,843 $21,240 $12,264 Per share amount $0.61 $0.47 $0.35 $0.20 ===== ===== ===== ===== DILUTED Average shares outstanding 60,969,469 61,884,046 60,837,740 61,906,626 Effect of dilutive securities based on the treasury stock method using the average market price if higher than the exercise price 201,645 238,513 266,108 318,169 ---------- ---------- ---------- ---------- 61,171,114 62,122,559 61,103,848 62,224,795 Net income $37,280 $28,843 $21,240 $12,264 Per share amount $0.61 $0.46 $0.35 $0.20 ===== ===== ===== =====