EXHIBIT 11
Earnings Per Share
The following reconciles the numerators and denominators of the basic and
diluted earnings per share.
For the Three Months ended For the Three Months ended
(in thousands, except share data and March 31, 2001 March 31, 2000
------------------------------------- ------------------------------------------
percentages) Class A Class B Total Class A Class B Total
--------------- ----------- --------- --------------- --------------- ---------
Basic Numerator
Actual dividends declared $ 801 $ 112 $ 913 $ - $ - $ -
Basic allocation of undistributed
earnings from income before
extraordinary item and cumulative
effect of a change in accounting principle 5,986 839 6,825 2,853 828 3,681
Income before extraordinary item and
cumulative effect of a change in --------------- ----------- --------- --------------- --------------- ---------
accounting principle 6,787 951 7,738 2,853 828 3,681
Income from extraordinary item - - - 2,686 780 3,466
Cumulative effect of a change in
accounting principle, net of tax 998 140 1,138 - - -
--------------- ----------- --------- --------------- --------------- ---------
Net income $ 7,785 $ 1,091 $ 8,876 $ 5,539 $ 1,608 $ 7,147
=============== =========== ========= =============== =============== =========
Basic Denominator
Weighted average shares outstanding 31,626,248 4,876,124 31,499,608 10,058,228
=============== =========== =============== ===============
Allocation percentage 87.71 % 12.29 % 77.50 % 22.50 %
=============== =========== =============== ==============
Basic earnings per share $ 0.22 $ 0.20 $ 0.18 $ 0.16
=============== =========== =============== ===============
Diluted Numerator
Actual dividends declared $ 801 $ 112 $ 913 $ - $ - $ -
--------------- ----------- --------- --------------- --------------- ---------
Basic allocation of undistributed
earnings from income before
extraordinary item and cumulative
effect of a change in
accounting principle 5,986 839 6,825 2,853 828 3,681
Reallocation of basic undistributed
earnings due to change in allocation
percentage 235 (235) 0 221 (221) -
Diluted allocated undistributed
earnings from income before
extraordinary item and cumulative
effect of a change in --------------- ----------- --------- --------------- --------------- ---------
accounting principle 6,221 604 6,825 3,074 607 3,681
Interest expense on convertible debt 936 91 1,027 1,171 231 1,402
--------------- ----------- --------- --------------- --------------- ---------
Dilutive income before extraordinary
item and cumulative effect of a
change in accounting principle 7,157 695 7,852 4,245 838 5,083
Dilutive income from extraordinary item - - - 2,894 572 3,466
Cumulative effect of a change in
accounting principle, net of tax 1,037 101 1,138 - - -
--------------- ----------- --------- --------------- --------------- ---------
Net income $ 8,194 $ 796 $ 8,990 $ 7,139 $ 1,410 $ 8,549
=============== =========== ========= =============== =============== =========
Diluted Denominator
Basic weighted average shares
Outstanding 31,626,248 4,876,124 31,499,608 10,058,228
Convertible debentures 13,066,115 - 17,081,483 -
Options 1,003,256 - 4,961 493,062
--------------- ----------- --------------- ---------------
Diluted weighted average
shares outstanding 45,695,619 4,876,124 48,586,052 10,551,290
=============== =========== =============== ===============
Allocation percentage 91.16 % 8.84 % 83.51 % 16.49 %
=============== =========== =============== ===============
Diluted earnings per share $ 0.18 $ 0.17 $ 0.15 $ 0.13
=============== =========== =============== ===============