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EXHIBIT 11.1 COMPUTATION OF NET INCOME PER SHARE
Three Months Ended Nine Months Ended
September 30, September 30,
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1998 1997 1998 1997
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Basic:
Net income attributable to common shares....... $ 5,821 $ 1,201 $14,279 $ 79
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Weighted average common shares outstanding...... 21,946 19,087 21,876 18,989
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Per share amount................................ $ 0.27 $ 0.06 $ 0.65 $ 0.00
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Diluted:
Net income...................................... $ 5,821 $ 1,201 $14,279 $ 79
Net effect of convertible debentures based on the
if-converted method, assuming 100% conversion:
$35,000,000, 6.75%, due 2006.................. 630 630 1,890 1,890
$50,000,000, 7.0%, due 2004................... 947 947 2,841 1,473
$143,750,000, 5.25%, due 2002................. 2,089 -- 6,267 --
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Net income attributable to common shares........ $ 9,487 $ 2,778 $25,277 $ 3,442
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Weighted average common shares outstanding...... 21,946 19,087 21,876 18,989
Net effect of convertible debentures based on the
if-converted method, assuming 100% conversion:
$35,000,000, 6.75%, due 2006.................. 1,710 1,717 1,714 1,717
$50,000,000, 7.0%, due 2004................... 2,469 2,469 2,469 1,280
$143,750,000, 5.25%, due 2002................. 5,000 -- 5,000 --
Net effect of dilutive stock options based on the
treasury stock method, using average market
price.......................................... 463 380 510 380
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Totals........................................ 31,588 23,653 31,569 22,366
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Per share amount................................ $ 0.30 $ 0.12 $ 0.80 $0.15
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