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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, 2007 December 31, 2006 December 31, 2005
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Basic Diluted Basic Diluted Basic Diluted
-------------- -------------- -------------- -------------- -------------- --------------
Income (loss) before cumulative
effect of a change in
accounting principle $ 241.5 $ 241.5 $ (710.4) $ (710.4) $ (1,381.5) $ (1,381.5)
After-tax interest expense on
convertible debt - - - - - -
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Income (loss) before cumulative
effect of a change in accounting
principle, for diluted net income
(loss) per share 241.5 241.5 (710.4) (710.4) (1,381.5) (1,381.5)
Cumulative effect of a change in
accounting principle, net of tax - - 2.9 2.9 - -
-------------- -------------- -------------- -------------- -------------- --------------
Net income (loss), for diluted
net income (loss) per share $ 241.5 $ 241.5 $ (707.5) $ (707.5) $ (1,381.5) $ (1,381.5)
============== ============== ============== ============== ============== ==============
Weighted average shares:
Common shares outstanding 76,826,765 76,826,765 68,607,262 68,607,262 67,166,668 67,166,668
Exercise of common stock
equivalents (1) - 1,387,483 - - - -
Exercise of warrants (2) - - - - - -
Shares issuable upon conversion
of convertible debt (3) - - - - - -
-------------- -------------- -------------- -------------- -------------- --------------
Common and equivalent shares
outstanding 76,826,765 78,214,248 68,607,262 68,607,262 67,166,668 67,166,668
============== ============== ============== ============== ============== ==============
Per common and equivalent share:
Income (loss) before cumulative
effect of a change in
accounting principle $ 3.14 $ 3.09 $ (10.35) $ (10.35) $ (20.57) $ (20.57)
Cumulative effect of a change in
accounting principle - - 0.04 0.04 - -
-------------- -------------- -------------- -------------- -------------- --------------
Net income (loss) $ 3.14 $ 3.09 $ (10.31) $ (10.31) $ (20.57) $ (20.57)
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For the Year Ended For the Year Ended
December 31, 2004 December 31, 2003
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Basic Diluted Basic Diluted
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Income (loss) before cumulative
effect of a change in
accounting principle $ 422.2 $ 422.2 $ 380.5 $ 380.5
After-tax interest expense on
convertible debt - 9.3 - 9.0
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Income (loss) before cumulative
effect of a change in accounting
principle, for diluted net income
(loss) per share 422.2 431.5 380.5 389.5
Cumulative effect of a change in
accounting principle, net of tax - - - -
-------------- -------------- -------------- --------------
Net income (loss), for diluted
net income (loss) per share $ 422.2 $ 431.5 $ 380.5 $ 389.5
============== ============== ============== ==============
Weighted average shares:
Common shares outstanding 68,278,858 68,278,858 66,689,757 66,689,757
Exercise of common stock
equivalents (1) - 1,635,349 - 1,843,755
Exercise of warrants (2) - - - -
Shares issuable upon conversion
of convertible debt (3) - 4,813,056 - 4,813,056
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Common and equivalent shares
outstanding 68,278,858 74,727,263 66,689,757 73,346,568
============== ============== ============== ==============
Per common and equivalent share:
Income (loss) before cumulative
effect of a change in
accounting principle $ 6.18 $ 5.77 $ 5.71 $ 5.31
Cumulative effect of a change in
accounting principle - - - -
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Net income (loss) $ 6.18 $ 5.77 $ 5.71 $ 5.31
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(1) Amount represents the number of common shares issued assuming the exercise
of dilutive common stock equivalents, including stock options, restricted
stock units, performance units and stock appreciation rights, reduced by
the number of shares which could have been purchased with the proceeds
from the exercise of such common stock equivalents.
(2) Amount represents the number of common shares issued assuming exercise of
warrants outstanding.
(3) Amount represents the number of common shares issued assuming the
conversion of convertible debt outstanding.