EXHIBIT 11
Earnings Per Share
Earnings Per Share EXHIBIT 11
The following reconciles the numerators and denominators of the basic and diluted earnings per share computations.
For the Three Months ended For the Three Months ended
(In thousands, except share March 31, 2000 March 31, 1999
- --------------------------- ----------------------------------- ----------------------------------------
percentages) Class A Class B Total Class A Class B Total
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Basic Numerator
Actual dividends declared ......... $ - $ - $ - $ 711 $ 259 $ 970
Basic allocation of undistributed
earnings from income before
extraordinary item .............. 2,853 828 3,681 5,510 1,691 7,201
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Income before extraordinary item... 2,853 828 3,681 6,221 1,950 8,171
Income from extraordinary item .... 2,686 780 3,466 - - -
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Net income ........................ $ 5,539 $ 1,608 $ 7,147 $ 6,221 $ 1,950 $ 8,171
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Basic Denominator
Weighted average shares outstanding 31,499,608 10,058,228 30,697,706 10,359,717
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Allocation percentage ............. 77.50% 22.50% 76.52% 23.48%
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Basic earnings per share .......... $ 0.18 $ 0.16 $ 0.20 $ 0.19
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Diluted Numerator
Actual dividends declared ......... $ - $ - $ - $ 711 $ 259 $ 970
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Basic allocation of undistributed
earnings from income before
extraordinary item .............. 2,853 828 3,681 5,510 1,691 7,201
Reallocation of basic undistributed
earnings due to change in
allocation percentage ............ 221 (221) - 460 (460) -
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Diluted allocated undistributed
earnings from income before
extraordinary .................... 3,074 607 3,681 5,970 1,231 7,201
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Interest expense on convertible debt 1,171 231 1,402 1,237 255 1,492
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Dilutive income before extraordinary 4,245 838 5,083 7,918 1,745 9,663
Dilutive income from extraordinary.. 2,894 572 3,466 - - -
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Net income ......................... $ 7,139 $ 1,410 $ 8,549 $ 7,918 $ 1,745 $ 9,663
========= ======== ======= ========== ========= =========
Diluted Denominator
Basic weighted average shares
outstanding ....................... 31,499,608 10,058,228 30,697,706 10,359,717
Convertible debentures ............. 17,081,483 - 17,873,324 -
Options ............................ 4,961 493,062 367,190 733,909
Diluted weighted average ---------- ---------- ---------- ----------
shares outstanding ............... 48,586,052 10,551,290 48,938,221 11,093,626
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Allocation percentage .............. 83.51% 16.49% 82.91% 17.09%
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Diluted earnings per share ......... $ 0.15 $ 0.13 $ 0.16 $ 0.16
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