EXHIBIT 11.1 COMPUTATION OF NET INCOME PER SHARE (In millions, except share information) For the Year Ended For the Year Ended For the Year Ended December 31, 2001 December 31, 2000 December 31, 1999 --------------------- ---------------------- ------------------------ Basic Diluted Basic Diluted Basic Diluted ---------- ---------- ---------- ---------- ---------- ---------- Income before extraordinary loss $ 34.2 $ 34.2 $ 274.7 $ 274.7 $ 257.1 $ 257.1 Extraordinary loss, net of tax 7.9 7.9 - - - - ---------- ---------- ---------- ---------- ---------- ---------- Net income $ 26.3 $ 26.3 $ 274.7 $ 274.7 $ 257.1 $ 257.1 ========== ========== ========== ========== ========== ========== Weighted average shares: Common shares outstanding 63,977,391 63,977,391 65,176,499 65,176,499 66,922,844 66,922,844 Exercise of stock options (1) - 1,327,643 - 664,465 - 820,308 ---------- ---------- ---------- ---------- ---------- ---------- Common and equivalent shares outstanding 63,977,391 65,305,034 65,176,499 65,840,964 66,922,844 67,743,152 ========== ========== ========== ========== ========== ========== Per common and equivalent share: Income before extraordinary loss $ 0.53 $ 0.52 $ 4.21 $ 4.17 $ 3.84 $ 3.80 Extraordinary loss 0.12 0.12 - - - - ---------- ---------- ---------- ---------- ---------- ---------- Net income $ 0.41 $ 0.40 $ 4.21 $ 4.17 $ 3.84 $ 3.80 ========== ========== ========== ========== ========== ========== For the Year Ended For the Year Ended December 31, 1998 December 31, 1997 --------------------- ---------------------- Basic Diluted Basic Diluted ---------- ---------- ---------- ---------- Income before extraordinary loss $ 115.5 $ 115.5 $ 208.2 $ 208.2 Extraordinary loss, net of tax - - 1.0 1.0 ---------- ---------- ---------- ---------- Net income $ 115.5 $ 115.5 $ 207.2 $ 207.2 ========== ========== ========== ========== Weighted average shares: Common shares outstanding 66,947,135 66,947,135 66,304,770 66,304,770 Exercise of stock options (1) - 1,076,240 - 1,943,313 ---------- ---------- ---------- ---------- Common and equivalent shares outstanding 66,947,135 68,023,375 66,304,770 68,248,083 ========== ========== ========== ========== Per common and equivalent share: Income before extraordinary loss $ 1.73 $ 1.70 $ 3.14 $ 3.05 Extraordinary loss - - 0.01 0.01 ---------- ---------- ---------- ---------- Net income $ 1.73 $ 1.70 $ 3.13 $ 3.04 ========== ========== ========== ========== - -------------------------------------- (1) Amount represents the number of common shares issued assuming exercise of stock options outstanding, reduced by the number of shares which could have been purchased with the proceeds from the exercise of such options.