Exhibit 11 - COMPUTATION OF PER SHARE EARNINGS
(Thousands of dollars, except per share data)
Nine Months Ended Sep. 30 Three Months Ended Sep. 30
1998 1997 1998 1997
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BASIC
Average shares outstanding 62,353,218 62,727,242 62,303,033 62,977,635
Net income $101,398 $123,796 $13,573 $37,790
Per share amount $1.63 $1.97 $0.22 $0.60
DILUTED
Average shares outstanding 62,353,218 62,727,242 62,303,033 62,977,635
Effect of dilutive securities based on the
treasury stock method using the average
market price if higher than the exercise price 683,227 1,346,628 233,608 1,605,208
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63,036,445 64,073,870 62,536,641 64,582,843
Net income $101,398 $123,796 $13,573 $37,790
Per share amount $1.61 $1.93 $0.22 $0.59