Exhibit No. 11(a)
COMPUTATION FOR BASIC EARNINGS PER SHARE
FOR THE YEARS ENDED DECEMBER 31
(AMOUNTS IN MILLIONS EXCEPT FOR PER-SHARE DATA)
1998 1997 1996
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Common Stock and Common Stock Equivalents
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Average number of common shares outstanding 39.8 40.6 39.1
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Basic Earnings (Loss) Per Share
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Earnings (loss) from continuing businesses $(9.3) $185.0 $164.8
Less:
Dividend requirement on Series A
convertible preferred stock -- -- 8.8
Plus:
Tax benefit on dividends paid on
unallocated preferred shares -- -- 2.0
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Earnings (loss) available for common
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shareholders:
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Continuing businesses before extraordinary (9.3) 185.0 158.0
loss
Extraordinary Loss -- -- (8.9)
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Net Earnings (loss) $(9.3) $185.0 $149.1
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Basic earnings (loss) per share of common stock
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Continuing businesses, before extraordinary $(0.23) $4.55 $4.04
loss
Extraordinary Loss -- -- (0.23)
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Net Earnings (loss) $(0.23) $4.55 $3.81
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