Exhibit No. 11(b)
COMPUTATION FOR DILUTED 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
Average number of common shares issuable
under stock options 0.6 0.4 0.4
Average number of common shares issuable
under the Employee Stock Ownership Plan -- -- 2.6
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Average number of common and common
equivalent shares outstanding 40.4 41.0 42.1
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Adjustments to Earnings (Loss)
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Earnings (loss) from continuing businesses $(9.3) $185.0 $164.8
Less:
Increased contribution to the Employee
Stock Ownership Plan assuming
conversion of preferred shares to
common -- -- 3.2
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Net reduction in tax benefits assuming
conversion of the Employee Stock
Ownership Plan preferred shares to
common -- -- 0.6
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Earnings (Loss) available for common shareholders:
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Continuing businesses before extraordinary
loss (9.3) 185.0 161.0
Extraordinary Loss -- -- (8.9)
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Net Earnings (loss) $ (9.3) $185.0 $152.1
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Diluted earnings (loss) per share of common stock
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Continuing businesses before extraordinary
loss $(0.23)(a) $4.50 $3.82
Extraordinary Loss -- -- (0.21)
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Net Earnings (loss) $(0.23)(a) $4.50 $3.61
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(a) Diluted earnings (loss) per share for 1998 was antidilutive.