EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK Year Ended December 31, ---------------------------------------------------- 1999 1998 1997 -------- -------- -------- (In thousands, except per share data) Basic earnings per share: Net income $ 95,437 $481,834 $321,617 Weighted average shares outstanding 281,806 280,731 280,300 Basic earnings per share $0.34 $1.72 $1.15 Diluted earnings per share: Net income $95,437 $481,834 $321,617 Minority interest in income of subsidiary trust, net of tax (A) 15,742 807 -------- -------- -------- Net income, assuming conversion of all applicable securities $95,437 $497,576 $322,424 Weighted average shares outstanding 281,806 280,731 280,300 Incremental common shares applicable to common stock options based on the average market price during the period (A) 1,287 839 Average common shares issuable assuming conversion of the Company-Obligated Mandatorily Redeemable Convertible Preferred Securities of a Subsidiary (A) 9,865 514 Trust -------- -------- -------- Weighted average shares outstanding assuming full dilution 281,806 291,883 281,653 Diluted earnings per share, assuming conversion of all applicable securities $0.34 $1.70 $1.14 Note A - Diluted earnings per share for the twelve months exclude the impact of "in-the-money" stock options and convertible preferred securities because they are anti-dilutive. -89-