Exhibit 11.1
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
The consolidated financial statements are presented in accordance with SFAS 128,
Earnings Per Share. Basic earnings per share are computed using the weighted
average number of common shares outstanding during the period. The effects of
stock options, warrants and conversion of Series A preferred shares have not
been included in the computation of diluted earnings per share for period
September 6, 2003 through September 30, 2003 as their effect would have been
anti-dilutive.
WEIGHTED AVERAGE SHARES FOR BASIC EARNINGS PER SHARE SHARES OUTSTANDING FRACTION OF PERIOD WEIGHTED AVERAGE SHARES
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Class A common shares outstanding
January 1, 2002 - December 31, 2002 100 365/365 100
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Class A common shares outstanding
January 1, 2003 - September 5, 2003 100 248/248 100
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Class A and B common shares outstanding
September 6, 2003 - September 29, 2003 12,698,750 24/25 12,190,800
Class B common shares issued September 30, 2003 2,687,500
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Class A and B common shares outstanding
September 30,2003 15,386,250 1/25 615,450
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Weighted average shares for basic earnings
per share September 6, 2003 - September 30, 2003 12,806,250
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The following table sets forth the computation of basic and diluted earnings per
share.
PREDECESSOR SUCESSOR
PREDECESSOR JANUARY 1, 2003 SEPTEMBER 6, 2003
NINE MONTHS ENDED THROUGH THROUGH
(in thousands, except for per share amounts) SEPTEMBER 30, 2002 SEPTEMBER 5, 2003 SEPTEMBER 30, 2003
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Income (loss) before extraordinary gain $ (814) $ 24,604 $ (184)
Less: Preferred stock dividends -- -- (13,125)
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Income (loss) available to common stock
holders before extraordinary gain (814) 24,604 (13,309)
Extraordinary gain -- -- 46,424
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Net income (loss) $ (814) $ 24,604 $ 33,115
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WEIGHTED AVERAGE SHARES FOR BASIC EARNINGS
PER SHARE
Weighted average shares for basic earnings
per share 100 100 12,806,250
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BASIC EARNINGS (LOSS) PER SHARE:
Income (loss) available to common stock holders
before extraordinary gain $ (8,140) $ 246,040 $ (1.04)
Extraordinary gain -- -- 3.63
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Net income (loss) $ (8,140) $ 246,040 $ 2.59
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DILUTED EARNINGS (LOSS) PER SHARE:
Weighted average shares for diluted earnings
per share 100 100 12,806,250
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Income (loss) available to common stock holders
before extraordinary gain $ (8,140) $ 246,040 $ (1.04)
Extraordinary gain -- -- 3.63
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Net income (loss) $ (8,140) $ 246,040 $ 2.59
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