EXHIBIT 11.1
COMPUTATION OF PER SHARE EARNINGS
WEIGHTED EARNINGS
AVERAGE (LOSS)
SHARES # OF PER
OUTSTANDING SHARES SHARE
----------- -------- --------
BASIC
Shares of Common Stock outstanding
at December 31, 1998 75,170,692 75,126,209
----------- -----------
Income from continuing operations 163,000,000
------------
Weighted averages shares outstanding 75,126,209
Basic earnings per share 2.17
Net income 164,000,000
------------
Weighted averages shares outstanding 75,126,209
Basic earnings per share 2.18
Shares of Common Stock outstanding
at December 31, 1998 75,170,692 75,170,692
Shares repurchased:
January (82,800) (82,800)
February (1,240,300) (1,136,942)
March (1,449,500) (1,207,917)
April (639,000) (479,250)
May (2,125,100) (1,416,733)
June (1,651,100) (963,142)
July (435,200) (217,600)
August (1,270,600) (529,417)
October (10,594) (2,648)
Shares issued:
April 6,000 4,500
June 3,000 1,750
August 8,960 3,733
October 201,773 50,443
5,868 1,467
November 9,000 1,500
December 7,468 622
----------- -----------
Shares of Common Stock outstanding
at December 31, 1999 66,508,567 69,198,258
=========== ===========
Loss from continuing operations (326,000,000)
------------
Weighted averages shares outstanding 69,198,258
Basic loss per share (4.72)
Net loss (288,000,000)
------------
Weighted averages shares outstanding 69,198,258
Basic loss per share (4.16)
Shares of Common Stock outstanding
at December 31, 1999 66,508,567 66,508,567
Shares repurchased:
March (1,382,300) (1,151,916)
April (100,000) (75,000)
May (853,000) (568,667)
June (1,164,700) (679,408)
Shares issued:
January 10,594 10,594
February 220,378 202,013
May 5,000 3,333
October 198,057 49,514
8,100 2,025
December 42,479 3,539
----------- -----------
Shares of Common Stock outstanding
at December 31, 2000 63,493,175 64,304,594
=========== ===========
Income from continuing operations 122,000,000
------------
Weighted averages shares outstanding 64,304,594
Basic earnings per share 1.90
Net income 122,000,000
------------
Weighted averages shares outstanding 64,304,594
Basic earnings per share 1.90
COMPUTATION OF PER SHARE EARNINGS
WEIGHTED EARNINGS
AVERAGE (LOSS)
SHARES # OF PER
OUTSTANDING SHARES SHARE
----------- -------- --------
DILUTED
Shares of Common Stock outstanding
at December 31, 1998 78,133,001 75,696,648
---------- ----------
Income from continuing operations 163,000,000
-----------
Weighted averages shares outstanding 75,696,648
Basic earnings per share 2.15
Net income 164,000,000
-----------
Weighted averages shares outstanding 75,696,648
Basic earnings per share 2.17
Shares of Common Stock outstanding
at December 31, 1998 75,170,692 75,170,692
Shares repurchased:
January (82,800) (82,800)
February (1,240,300) (1,136,942)
March (1,449,500) (1,207,917)
April (639,000) (479,250)
May (2,125,100) (1,416,733)
June (1,651,100) (963,142)
July (435,200) (217,600)
August (1,270,600) (529,417)
October (10,594) (2,648)
Shares issued:
April 6,000 4,500
June 3,000 1,750
August 8,960 3,733
October 201,773 50,443
5,868 1,467
November 9,000 1,500
December 7,468 622
Options 538,000 -
Time vested restricted stock 396,128 -
Performance based restricted stock 1,816,096 -
Shares of Common Stock outstanding ------------ -------------
at December 31, 1999 69,258,791 69,198,258
============ =============
Loss from continuing operations (326,000,000)
------------
Weighted averages shares outstanding 69,198,258
Diluted loss per share (4.71)
Net loss (288,000,000)
------------
Weighted averages shares outstanding 69,198,258
Diluted loss per share (4.15)
Shares of Common Stock outstanding
at December 31, 1999 66,508,567 66,508,567
Shares repurchased:
March (1,382,300) (1,151,916)
April (100,000) (75,000)
May (853,000) (568,667)
June (1,164,700) (679,408)
Shares issued:
January 10,594 10,594
February 220,378 202,013
May 5,000 3,333
October 198,057 49,514
8,100 2,025
December 42,479 3,539
Options 610,000 3,314
Time vested restricted stock 368,088 271,790
Performance based restricted stock 1,210,738 9,939
---------- ----------
Shares of Common Stock outstanding
at December 31, 2000 65,682,001 64,589,637
========== ==========
Income from continuing operations 122,000,000
-----------
Weighted averages shares outstanding 64,589,637
Diluted earnings per share 1.89
Net income 122,000,000
-----------
Weighted averages shares outstanding 64,589,637
Diluted earnings per share 1.89