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EXHIBIT 11.01
RECONCILIATION OF NET INCOME (LOSS) AND PRO FORMA NET INCOME (LOSS) PER COMMON
SHARE AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA
THREE THREE TWELVE
MONTHS MONTHS MONTHS
YEAR ENDED ENDED ENDED ENDED
SEPTEMBER 30 DECEMBER 31 DECEMBER 31 DECEMBER 31
------------ ----------- ----------- -----------
1998 1997 1998 1998
------------ ----------- ----------- -----------
(UNAUDITED) (UNAUDITED)
Net Income (Loss) Per Share - Basic:
NUMERATOR:
Net income (loss) before extraordinary item - basic
Extraordinary item, net of taxes
Net income (loss) - basic
DENOMINATOR:
Weighted average shares outstanding - basic
Income (loss) per share before extraordinary
item - basic
Extraordinary item
Net income (loss) per share - basic
Net Income (Loss) Per Share - Diluted
NUMERATOR:
Diluted:
Income (loss) before extraordinary item
Dilutive effect of TIDES securities, net of taxes
Income (loss) before extraordinary item - diluted
Extraordinary item, net of taxes
Net income (loss) - diluted
DENOMINATOR:
Weighted average shares outstanding - basic
Dilutive effect of options
Dilutive effect of weighted average of
TIDES securities outstanding
Weighted average shares outstanding - diluted
Income (loss) per share before extraordinary
item - diluted
Extraordinary item
Net income (loss) per share - diluted
If anti-dilutive, see diluted computation below,
without the conversion of the TIDES
YEAR YEAR
ENDED ENDED
DECEMBER 31 DECEMBER 31
------------ -----------
1999 2000
------------ -----------
Net Income (Loss) Per Share - Basic:
NUMERATOR:
Net income (loss) before extraordinary item - basic $(59,959) $47,254
Extraordinary item, net of taxes 918 --
-------- -------
Net income (loss) - basic $(60,877) $47,254
======== =======
DENOMINATOR:
Weighted average shares outstanding - basic 37,922 45,209
======== =======
Income (loss) per share before extraordinary
item - basic $ (1.58) $ 1.05
Extraordinary item 0.03 --
-------- -------
Net income (loss) per share - basic $ (1.61) $ 1.05
======== =======
Net Income (Loss) Per Share - Diluted
NUMERATOR:
Diluted:
Income (loss) before extraordinary item $(59,959) $47,254
Dilutive effect of TIDES securities, net of taxes 1,131 4,688
-------- -------
Income (loss) before extraordinary item - diluted $(58,828) $51,942
Extraordinary item, net of taxes 918 --
-------- -------
Net income (loss) - diluted $(59,746) $51,942
======== =======
DENOMINATOR:
Weighted average shares outstanding - basic 37,922 45,209
Dilutive effect of options 316 405
Dilutive effect of weighted average of
TIDES securities outstanding 677 2,841
-------- -------
Weighted average shares outstanding - diluted 38,915 48,455
======== =======
Income (loss) per share before extraordinary
item - diluted $ (1.51) $ 1.07
Extraordinary item 0.03 --
-------- -------
Net income (loss) per share - diluted $ (1.54) $ 1.07
======== =======
If anti-dilutive, see diluted computation below,
without the conversion of the TIDES Anti-dilutive Anti-dilutive
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Net Income (Loss) Per Share - Diluted
NUMERATOR:
Diluted:
Income (loss) before extraordinary item $(59,959) $47,254
Extraordinary item, net of taxes 918 --
----------- --------
Net income (loss) - diluted $(60,877) $47,254
=========== ========
DENOMINATOR:
Weighted average shares outstanding - basic 37,922 45,209
Dilutive effect of options 316 405
----------- --------
Weighted average shares outstanding - diluted 38,238 45,614
=========== ========
Income (loss) per share before extraordinary item
-diluted $ (1.57) $ 1.04
Extraordinary item 0.02 --
------------ --------
Net income (loss) per share - diluted $ (1.59) $ 1.04
=========== ========
If anti-dilutive, use basic Anti-dilutive Dilutive
PRO FORMA DATA: Three Three Twelve
Year Months Months Months Year
Ended Ended Ended Ended Ended
September December December December December
30 31 31 31 31
---------- --------- -------- -------- --------
1998 1997 1998 1998 1999
---------- --------- -------- -------- --------
(Unaudited) (Unaudited)
Pro forma net income (loss) per share - basic
NUMERATOR:
Pro forma income (loss) before extraordinary item $ 2,773 $(13,073) $15,923 $31,769 $20,676
Extraordinary item, net of pro forma taxes 1,488 -- -- 1,488 918
------- -------- ------- ------- -------
Pro forma net income (loss) - basic $ 1,285 $(13,073) $15,923 $30,281 $19,758
======= ======== ======= ======= =======
DENOMINATOR:
Weighted average shares outstanding 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 - basic 22,239 21,534 24,742 24,104 37,922
======= ======== ======= ======= =======
Basic:
Pro forma income (loss) per share before $ 0.12 $ (0.61) $ 0.64 $ 1.32 $ 0.55
extraordinary item
Extraordinary item, net of pro forma taxes 0.06 -- -- 0.06 0.03
------- -------- ------- ------- -------
Pro forma net income (loss) per share - basic $ 0.06 $ (0.61) $ 0.64 $ 1.26 $ 0.52
======= ======== ======= ======= =======
Pro forma net income per share - diluted:
NUMERATOR:
Pro form income (loss) before extraordinary item $ 2,773 $(13,073) $15,923 $31,769 $20,676
Effect of dilutive securities:
Financing cost of TIDES securities -- -- -- -- 1,131
Convertible Subordinated Debentures - stated
interest, net of tax 1,194 296 314 1,211 --
Convertible Subordinated Debentures - index
adjustment 8,841 14,903 29,503 23,441 --
------- -------- ------- ------- -------
Pro forma income before extraordinary item - diluted 12,808 2,126 45,740 56,421 21,807
Extraordinary item, net of pro forma taxes 1,488 -- -- 1,488 918
------- -------- ------- ------- -------
Pro forma net income - diluted $11,320 $ 2,126 $45,740 $54,933 $20,889
======= ======== ======= ======= =======
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DENOMINATOR:
Weighted average shares outstanding - basic 21,534 21,534 21,534 21,534 37,922
Shares adjusted under SAB 1.b.3 705 -- 3,208 2,570 --
Effect of dilutive securities:
TIDES -- -- -- -- 677
Convertible Subordinated Debentures 4,323 4,323 4,323 4,323 --
------- -------- ------- ------- -------
Weighted average shares outstanding - diluted 26,562 25,857 29,065 28,427 38,599
======= ======== ======= ======= =======
Diluted:
Pro forma income per share before extraordinary
item - diluted $ 0.48 $ 0.08 $ 1.57 $ 1.98 $ 0.56
Extraordinary item, net of pro forma taxes 0.06 -- -- 0.05 0.03
------- -------- ------- ------- -------
Pro forma net income per share - diluted $ 0.42 $ 0.08 $ 1.57 $ 1.93 $ 0.53
======= ======== ======= ======= =======
Anti- Anti- Anti- Anti- Anti-
If anti-dilutive, use basic dilutive dilutive dilutive dilutive dilutive
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