EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK ------------------------------------------------- Year Ended December 31, ----------------------- 1997 1996 1995 ---- ---- ---- (In thousands, except per share data) Basic earnings per share: Net income $290,402 $256,479 $222,471 Weighted average shares outstanding 159,079 158,764 158,212 Basic earnings per share: $1.83 $1.62 $1.41 Diluted earnings per share: Net income $290,402 $256,479 $222,471 Minority interest in income of subsidiary trust, net of tax 881 -------- -------- -------- Net income, assuming conversion of all applicable securities $291,283 $256,479 $222,471 Weighted average shares outstanding 159,079 158,764 158,212 Incremental common shares applicable to common stock options based on the average market price during the period 622 423 318 Average common shares issuable assuming conversion of the Company-Obligated Mandatorily Redeemable Convertible Preferred Securities of a Subsidiary Trust 513 -------- -------- -------- Weighted average shares outstanding assuming full dilution 160,214 159,187 158,530 Diluted earnings per share, assuming conversion of all applicable securities $1.82 $1.61 $1.40