1
EXHIBIT 11.01
RECONCILIATION OF EARNINGS (LOSS) PER COMMON SHARE
AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA
THREE THREE TWELVE
MONTHS MONTHS MONTHS YEAR
YEAR ENDED ENDED ENDED ENDED ENDED
SEPTEMBER 30, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
------------- ----------- ----------- ----------- ------------
1997 1998 1997 1998 1998 1999
---- ---- ---- ---- ---- ----
(UNAUDITED) (UNAUDITED)
BASIC LOSS PER SHARE:
NUMERATOR
Basic loss before extraordinary item.................. $(59,959)
Extraordinary item, net of taxes...................... 918
--------
Basic net loss........................................ $(60,877)
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DENOMINATOR
Basic weighted average shares outstanding............. 37,922
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Basic loss per share before extraordinary item........ $(1.58)
Extraordinary item.................................... 0.03
--------
Basic loss per share.................................. $(1.61)
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DILUTED LOSS PER SHARE:
NUMERATOR:
Diluted:
Loss before extraordinary item........................ $(59,959)
Dilutive effect of TIDES securities, net of taxes..... 1,131
--------
Dilutive loss before extraordinary item (58,828)
Extraordinary item, net of taxes...................... 918
--------
Diluted net loss...................................... $(59,746)
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DENOMINATOR:
Weighted average shares outstanding................... 37,922
Dilutive effect of options............................ 316
Dilutive effect of weighted average of TIDES
securities outstanding ............................. 677
--------
Dilutive weighted average shares outstanding.......... 38,915
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Diluted loss per share before extraordinary item...... $(1.51)
Extraordinary Item.................................... 0.03
--------
Diluted loss per share................................ $(1.54)
========
If anti-dilutive, use basic........................... Antidilutive
PRO FORMA DATA:
BASIC PRO FORMA INCOME (LOSS) PER SHARE:
NUMERATOR:
Pro forma income (loss) before
extraordinary item ................................. $ 98,854 $ 2,773 $(13,073) $ 15,923 $ 31,769 $ 20,676
Extraordinary item, net of pro
forma taxes ........................................ -- 1,488 -- -- 1,488 918
-------- -------- -------- -------- -------- --------
Basic pro forma net income (loss) .................... $ 98,854 $ 1,285 $(13,073) $ 15,923 $ 30,281 $ 19,758
======== ======== ======== ======== ======== ========
DENOMINATOR:
Weighted average shares outstanding .................. 21,534 21,534 21,534 21,534 21,534 37,922
Shares adjusted under SAB 1.b.3 ...................... -- 705 -- 3,208 2,570 --
-------- -------- -------- -------- -------- --------
Weighted average shares outstanding .................. 21,534 22,239 21,534 24,742 24,104 37,922
======== ======== ======== ======== ======== ========
Basic:
Pro forma income (loss) per share before
extraordinary item ................................. $ 4.59 $ 0.12 $ (0.61) $ 0.64 $ 1.32 $ 0.55
Extraordinary item, net of pro forma taxes ........... -- 0.06 -- -- 0.06 0.03
-------- -------- -------- -------- -------- --------
Basic pro forma net income (loss) per share .......... $ 4.59 $ 0.06 $ (0.61) $ 0.64 $ 1.26 $ 0.52
======== ======== ======== ======== ======== ========
DILUTED PRO FORMA INCOME (LOSS) PER SHARE:
NUMERATOR:
Pro forma income (loss) before extraordinary item .. . $ 98,854 $ 2,773 $(13,073) $ 15,923 $ 31,789 $ 20,676
Effect of dilutive securities: ..................... -- -- -- -- -- --
Financing cost of TIDES securities ................ -- -- -- -- -- 1,131
Convertible Subordinated Debentures
-- stated interest, net of tax ................... 1,107 1,194 296 314 1,211 --
Convertible Subordinated Debentures
-- index adjustment .............................. 29,070 8,841 14,903 29,503 23,441 --
-------- -------- -------- -------- -------- --------
Dilutive pro forma income before extraordinary
item ............................................. 129,031 12,808 2,126 45,740 56,421 21,807
Extraordinary item, net of pro forma taxes ......... -- 1,488 -- -- 1,488 918
-------- -------- -------- -------- -------- --------
Diluted pro forma net income ....................... $129,031 $ 11,320 $ 2,126 $ 45,740 $ 54,933 $ 20,889
======== ======== ======== ======== ======== ========
DENOMINATOR:
Weighted average shares outstanding .................. 21,534 21,534 21,534 21,534 21,634 37,922
Shares adjusted under SAB 1.b.3 ...................... -- 705 -- 3,208 2,670 --
Effect of dilutive securities:
TIDES .............................................. -- -- -- -- -- 677
Convertible Subordinated Debentures ................ 4,323 4,323 4,323 4,323 4,323 --
-------- -------- -------- -------- -------- --------
Weighted average shares outstanding .................. 25,857 26,582 25,857 29,085 28,427 38,599
======== ======== ======== ======== ======== ========
Diluted:
Diluted income per share before extraordinary
item ................................................ $ 4.99 $ 0.48 $ 0.08 $ 1.57 $ 1.98 $ 0.56
Extraordinary item, net of pro forma taxes ........... -- 0.08 -- -- 0.05 0.03
-------- -------- -------- -------- -------- --------
Diluted income per share ............................. $ 4.99 $ 0.42 $ 0.08 $ 1.57 $ 1.93 $ 0.53
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If anti-dilutive, use basic........................... Anti Anti Anti Anti Anti Anti
-dilutive -dilutive -dilutive -dilutive -dilutive -dilutive