EXHIBIT 11
STATEMENT RE: COMPUTATION OF EARNINGS (LOSS) PER SHARE
(In thousands, except per share amounts)
Year Ended December 31,
1998 1997 1996
-------- -------- --------
Numerator
Net Loss before extraordinary item $(12,228) $(99,277) $(94,475)
Dividends payable to holders of Series H
Preferred Stock 1,486 -- --
-------- -------- --------
Ne loss applicable to common shares
before extraordinary items (13,714) (99,277) (94,475)
Extraordinary item 20,293 -- --
-------- -------- --------
Net Income (loss) $ 6,579 $(99,277) $(94,475)
======== ======== ========
Denominator
Denominator for basic earnings per share
- -weighted-average shares 57,691 14,800 9,420
Effect of dilutive securities-Series G
Preferred Stock 1,087 -- --
Denominator for dilutive earnings per share
- -adjusted weighted-average
-------- -------- --------
shares and assumed conversions 58,778 14,800 9,420
======== ======== ========
Earnings (loss) per common share:
Basic:
Loss per common share before
extraordinary item $ (0.24) $ (6.71) $ (10.03)
Extraordinary item 0.35 -- --
-------- -------- --------
Net income (loss) $ 0.11 $ (6.71) $ (10.03)
======== ======== ========
Diluted:
Loss per common share before
extraordinary item $ (0.23) $ (6.71) $ (10.03)
Extraordinary item 0.34 -- --
-------- -------- --------
Net income (loss) $ 0.11 $ (6.71) $ (10.03)
======== ======== ========