Exhibit 11 - Statement Regarding Computation of Earnings Per Share
Years Ended December 31,
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1997 1996 1995
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(in millions, except per share data)
Basic Income (Loss) Per Share:
Weighted average common shares outstanding (in thousands) 78,120 74,427 69,467
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Income (loss) before extraordinary loss and cumulative effect $ 159.6 $(35.9) $ 95.0
Dividends on 5% Cumulative Convertible Preferred Stock............ (4.3) (4.3) (4.3)
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Income (loss) applicable to Common Shares......................... 155.3 (40.2) 90.7
Extraordinary loss on debt extinguishment......................... (4.8) - -
Cumulative effect of accounting change............................ - - 22.0
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Net income (loss) applicable to Common Shares.................. $ 150.5 $(40.2) $112.7
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Per Share Amounts
Income (loss) before extraordinary loss and cumulative effect $ 1.99 $(0.54) $ 1.31
Extraordinary loss on debt extinguishment......................... (0.06) - -
Cumulative effect of accounting change............................ - - 0.31
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Net income (loss).............................................. $ 1.93 $(0.54) $ 1.62
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Diluted Income (Loss) Per Share:
Weighted average common shares outstanding (in thousands) 78,120 74,427 69,467
Net effect of dilutive stock options - based on the
treasury stock method using the average market price........... 985 - 546
Assumed conversion of 5% Cumulative Convertible Preferred
Stock........................................................... 3,319 - 3,320
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Weighted average common equivalent shares...................... 82,424 74,427 73,333
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Income (loss) before extraordinary loss and cumulative effect $ 159.6 $(35.9) $ 95.0
Dividends on cumulative convertible preferred stock............... - (4.3) -
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Income (loss) applicable to Common Shares......................... 159.6 (40.2) 95.0
Extraordinary loss on debt extinguishment......................... (4.8) - -
Cumulative effect of accounting change............................ - - 22.0
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Net income (loss) applicable to common equivalent shares....... $ 154.8 $(40.2) $117.0
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Per Share Amounts
Income (loss) before extraordinary loss and cumulative effect $ 1.94 $(0.54) $ 1.30
Extraordinary loss on debt extinguishment......................... (0.06) - -
Cumulative effect of accounting change............................ - - 0.30
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Net income (loss).............................................. $ 1.88 $(0.54) $ 1.60
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