EXHIBIT 11
OGDEN CORPORATION AND SUBSIDIARIES
DETAIL OF COMPUTATION OF EARNINGS PER SHARE APPLICABLE TO COMMON STOCK
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
------------------------------------------------------------
1999 1998
Income Shares Per-Share Income Shares Per-Share
(Numerator) (Denominator) Amount (Numerator) (Denominator) Amount
----------- ------------- --------- ----------- ------------- --------
(In Thousands, Except per Share Amounts)
Income from continuing operations $ 28,680 $ 22,815
Less: preferred stock dividends 104 109
-------- --------
Basic Earnings Per Share 28,576 49,157 $ 0.59 22,706 50,071 $ 0.45
------ ------
Effect of Dilutive Securities:
Stock options 405 887
Convertible preferred stock 104 249 109 258
6% convertible debentures (A) (A)
5 3/4% convertible debentures (A) (A)
-------- ------ -------- ------
Diluted Earnings per Share $ 28,680 49,811 $ 0.58 $ 22,815 51,216 $ 0.45
-------- ------ ------ -------- ------ ------
Discontinued operations
Basic $ (883) 49,157 $(0.02) $ 44,100 50,071 $ 0.88
-------- ------ ------ -------- ------ ------
Diluted $ (883) 49,811 $(0.02) $ 44,100 51,216 $ 0.86
-------- ------ ------ -------- ------ ------
Cumulative effect of change in accounting
principle
Basic $ (3,820) 49,157 $(0.08)
-------- ------ ------
Diluted $ (3,820) 49,811 $(0.08)
-------- ------ ------
(A) Anti-dilutive
Note:
Basic earnings per common share was computed by dividing net income,
reduced by preferred stock dividend requirements, by the weighted
average of the number of shares of common stock outstanding during each
period.
Diluted earnings per common share was computed on the assumption that
all convertible debentures, convertible preferred stock, and stock
options converted or exercised during each period, or outstanding at
the end of each period were converted at the beginning of each period
or the date of issuance or grant, if dilutive. The computation provides
for the elimination of related convertible debenture interest and
preferred dividends.
EXHIBIT 11
OGDEN CORPORATION AND SUBSIDIARIES
DETAIL OF COMPUTATION OF EARNINGS PER SHARE APPLICABLE TO COMMON STOCK
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
------------------------------------------------------------
1999 1998
Income Shares Per-Share Income Shares Per-Share
(Numerator) (Denominator) Amount (Numerator) (Denominator) Amount
----------- ------------- --------- ----------- ------------- --------
(In Thousands, Except per Share Amounts)
Income from continuing operations $ 8,353 $14,059
Less: preferred stock dividends 34 36
-------- -------
Basic Earnings Per Share 8,319 49,382 $ 0.17 14,023 49,653 $ 0.28
------ ------
Effect of Dilutive Securities:
Stock options 218 575
Convertible preferred stock 34 246 36 255
6% convertible debenture (A) (A)
5 3/4% convertible debentures (A) (A)
-------- ------ ------- ------
Diluted Earnings per Share $ 8,353 49,846 $ 0.17 $14,059 50,483 $ 0.28
-------- ------ ------ ------- ------ ------
Discontinued operations
Basic $(16,069) 49,382 $(0.33) $14,096 49,653 $ 0.29
-------- ------ ------- ------- ------ ------
Diluted $(16,069) 49,382 $(0.33) $14,096 50,483 $ 0.28
-------- ------ ------- ------- ------ ------
(A) Anti-dilutive