Exhibit 11
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
Six Months Six Months
Ended Ended
June 30, June 30,
1997 1998
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Earnings (loss) before extraordinary item $ (26,735) $ 18,235
Extraordinary item (9,552) --
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Net earnings (loss) $ (36,287) $ 18,235
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Basic earnings (loss) per common share:
Earnings (loss) before extraordinary item $ (0.87) $ 0.48
Extraordinary item (0.31) --
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Net earnings (loss) $ (1.18) $ 0.48
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Weighted average number of common shares 30,694,216 38,336,014
Diluted earnings (loss) per common share:
Earnings (loss) before extraordinary item $ (0.87) $ 0.45
Extraordinary item (0.31) --
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Net earnings (loss) $ (1.18) $ 0.45
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Weighted average number of common shares 30,694,216 40,620,312
Calculation of basic weighted average number
of common shares (a):
For the six months ended June 30, 1997 and 1998
Weighted average shares for Q1 30,686,065 38,336,014
Weighted average shares for Q2 30,702,367 38,336,014
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Weighted average shares for the
six months ended June 30, 1997 and 1998 30,694,216 38,336,014
============ ===========
Calculation of diluted weighted average number
of common shares (a):
For the six months ended June 30, 1997 and 1998
Weighted average shares for Q1 30,686,065 40,600,109
Weighted average shares for Q2 30,702,367 40,640,516
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Weighted average shares for the
six months ended June 30, 1997 and 1998 30,694,216 40,620,312
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(a) The calculation of the weighted average number of common shares for the
1997 period assumes that the previously existing Class A, B and C
common shares have been converted into the Company's common stock in
connection with the reorganization of the Company as described in Note
10 to the consolidated financial statements in the Company's Annual
Report on Form 10-K for the year ended December 31, 1997.