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COMPUTATION OF EARNINGS PER COMMON SHARE EXHIBIT 11
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1998 1999 1998 1999
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BASIC EARNINGS
Income before the cumulative effect of a change
in accounting principles ...................... $ 23,571 $ 16,264 $ 33,863 $ 27,780
Cumulative effect of a change in
in accounting principles ...................... -- -- -- (5,315)
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Net earnings ................................ $ 23,571 $ 16,264 $ 33,863 $ 22,465
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Shares:
Weighted average number of common
shares outstanding .......................... 52,563 51,321 49,733 51,829
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Basic earnings per common share:
Income before the cumulative effect of a change
in accounting principles .................... $ 0.45 $ 0.32 $ 0.68 $ 0.54
Cumulative effect of a change in
accounting principles ....................... -- -- -- (0.10)
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Net earnings ................................ $ 0.45 $ 0.32 $ 0.68 $ 0.44
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DILUTED EARNINGS
Income before the cumulative effect of a change
in accounting principles ...................... $ 23,571 $ 16,264 $ 33,863 $ 27,780
Assumed conversion of convertible debt .......... 146 -- 1,142 --
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Income before the cumulative effect of a change
in accounting principles, as adjusted ......... 23,717 -- 35,005 27,780
Cumulative effect of a change in
accounting principles ......................... -- -- -- (5,315)
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Net earnings as adjusted .................... $ 23,717 $ 16,264 $ 35,005 $ 22,465
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Shares:
Weighted average number of common
shares outstanding .......................... 52,563 51,321 49,733 51,829
Options and warrants issued ................... 1,282 1,653 1,310 1,447
Assumed conversion of convertible debt ........ 1,343 -- 4,248 --
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Weighted average number of common
shares outstanding as adjusted ........... 55,188 52,974 55,291 53,276
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Diluted earnings per common share:
Income before the cumulative effect of a change
in accounting principles .................... $ 0.43 $ 0.31 $ 0.63 $ 0.52
Cumulative effect of a change in
accounting principles ....................... -- -- -- (0.10)
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Net earnings ................................ $ 0.43 $ 0.31 $ 0.63 $ 0.42
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