Computations of net income per share for the years ended December 31, 1996,
1995, and 1994 are as follows (in thousands):
1996 1995 1994
---- ---- ----
PRIMARY
Net income (loss) $ 86,928 $ 67,337 $ (183,581)
Add: Adjustments to net income
related to convertible debentures, net of tax (1,083) -- --
Adjustments to net income related
to the stated and embedded dividends on the
Series B preferred stock (2,199) -- --
---------- --------- ----------
Adjusted net income $ 83,646 $ 67,337 $ (183,581)
========== ========= ==========
Average common shares outstanding 32,227 29,708 23,138
Dilutive common equivalent shares
issuable upon the exercise of
options currently outstanding
to purchase common shares l,064 915 --
Conversion of Debentures 1,472 -- --
Put option common stock equivalents 156 -- --
--------- --------- ----------
34,919 30,623 23,138
========= ========= ==========
Net income (loss) per share $ 2.40 $ 2.20 $ (7.93)
========= ========= ==========
FULLY DILUTED
Net income (loss) $ 86,928 $ 67,337 $ (183,581)
Add: Adjustments to net income
related to convertible debentures,
net of tax 6,458 15,736 1,241
Adjustments to net income related
to the stated and embedded dividends on the
Series B preferred stock (2,199) -- --
--------- --------- ----------
Adjusted net income $ 91,187 $ 83,073 $ (182,340)
========= ========== ==========
Average common shares outstanding 32,227 29,708 23,138
Dilutive common equivalent shares
issuable upon the exercise of
options currently outstanding
to purchase common shares 1,071 1,073 680
Conversion of Debentures 6,684 7,200 2,869
Put option common stock equivalents 156 -- --
--------- ---------- ----------
40,138 37,981 26,687
========= ========== ==========
Net income (loss) per share $ 2.27 $ 2.19 $ (6.83)
========= ========== ==========