Exhibit 11 - COMPUTATION OF PER SHARE EARNINGS (Thousands of dollars, except per share data) Six Months Ended June 30 Three Months Ended June 30 1999 1998 1999 1998 ---------- ---------- ----------- ----------- BASIC Average shares outstanding 61,884,046 62,379,675 61,906,626 62,213,764 Net income $28,843 $87,825 $12,264 $38,689 Per share amount $0.47 $1.41 $0.20 $0.62 ===== ===== ===== ===== DILUTED Average shares outstanding 61,884,046 62,379,675 61,906,626 62,213,764 Effect of dilutive securities based on the treasury stock method using the average market price if higher than the exercise price 238,513 908,037 318,169 966,141 ---------- ---------- ---------- ---------- 62,122,559 63,287,712 62,224,795 63,179,905 Net income $28,843 $87,825 $12,264 $38,689 Per share amount $0.46 $1.39 $0.20 $0.61 ===== ===== ===== =====