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EXHIBIT 11.1
COMPUTATION OF NET INCOME (LOSS) PER SHARE
(In millions, except share information)
For the Year Ended For the Year Ended
December 31, 1997 December 31, 1996
----------------- -----------------
Basic Diluted Basic Diluted
------ ------- ----- -------
Income (loss) before
extraordinary items 208.2 $208.2 $151.9 $151.9
Extraordinary items (1.0) (1.0) - -
----- ---------- ---------- ----------
Net income (loss) 207.2 $207.2 $151.9 $151.9
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Weighted Average Shares:
Common shares outstanding 4,770 66,304,770 60,485,696 60,485,696
Exercise of stock options (1) - 1,943,313 - 3,275,938
Exercise of warrants (2) - - - -
----- ---------- ---------- ----------
Common and equivalent shares
outstanding 4,770 68,248,083 60,485,696 63,761,634
===== ========== ========== ==========
Per Common and Equivalent Share:
Income (loss) before
extraordinary items $3.14 $3.05 $2.51 $2.38
Extraordinary items (0.01) (0.01) - -
----- ---------- ---------- ----------
Net income (loss) per share $3.13 $3.04 $2.51 $2.38
===== ========== ========== ==========
For the Year Ended For the Year Ended For the Year Ended
December 31, 1995 December 31, 1994 December 31, 1993
----------------- ----------------- -----------------
Basic Diluted Basic Diluted Basic Diluted (3)
Income (loss) before ------ ---------- ----- ------- ------ ----------
extraordinary items $ 94.2 $ 94.2 $59.8 $59.8 $ (2.1) $ (2.1)
Extraordinary items (2.6) (2.6) - - (11.7) (11.7)
------ ---------- ----------- --------- ----------- ----------
Net income (loss) $ 91.6 $ 91.6 $59.8 $59.8 $(13.8) $(13.8)
====== ========== =========== ========= =========== ==========
Weighted Average Shares:
Common shares outstanding 944,181 48,944,181 42,602,167 42,602,167 35,500,014 35,500,014
Exercise of stock options (1) - 3,544,757 - 3,321,954 - -
Exercise of warrants (2) - - - 1,514,356 -
------ --------- ---------- ---------- ---------- ----------
Common and equivalent shares
outstanding 944,181 52,488,938 42,602,167 47,438,477 35,500,014 35,500,014
======= ========== ========== ========== =========== ==========
Per Common and Equivalent Share:
Income (loss) before
extraordinary items $ 1.92 $ 1.79 $1.40 $1.26 $(0.06) $(0.06)
Extraordinary items (0.05) (0.05) - - (0.33) (0.33)
------ ---------- ---------- ---------- ---------- ----------
Net income (loss) per share $ 1.87 $ 1.74 $1.40 $1.26 $(0.39) $(0.39)
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(1) Amount represents the number of shares issued assuming exercise of stock
options, reduced by the number of shares which could have been purchased
with the proceeds from the exercise of such optons.
(2) Amount represents the number of common shares issued assuming exercise of
warrants outstanding.
(3) This calculation is submitted in accordance with Regulation S-K item 601(b)
(11) although not required by footnote 2 to paragrapg 14 of the APB Opinion
No. 15 because of the antidilutive effect on net loss per share.