1 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, 1998 December 31, 1997 December 31, 1996 --------------------------- --------------------------- --------------------------- Basic Diluted Basic Diluted Basic Diluted ------------- ------------- ------------- ------------- ------------- ------------ Income before extraordinary items $ 115.5 $ 115.5 $ 208.2 $ 208.2 $ 151.9 $ 151.9 Extraordinary items - - (1.0) (1.0) - - ------------- ------------- ------------- ------------- ------------- ------------ Net income $ 115.5 $ 115.5 $ 207.2 $ 207.2 $ 151.9 $ 151.9 ============= ============= ============= ============= ============= ============ Weighted Average Shares: Common shares outstanding 66,947,135 66,947,135 66,304,770 66,304,770 60,485,696 60,485,696 Exercise of stock options (1) - 1,076,240 - 1,943,313 - 3,275,938 Exercise of warrants (2) - - - - - - ------------- ------------- ------------- ------------- ------------- ------------ Common and equivalent shares outstanding 66,947,135 68,023,375 66,304,770 68,248,083 60,485,696 63,761,634 ============= ============= ============= ============= ============= ============ Per Common and Equivalent Share: Income before extraordinary items $ 1.73 $ 1.70 $ 3.14 $ 3.05 $ 2.51 $ 2.38 Extraordinary items - - (0.01) (0.01) - - ------------- ------------- ------------- ------------- ------------- ------------ Net income per share $ 1.73 $ 1.70 $ 3.13 $ 3.04 $ 2.51 $ 2.38 ============= ============= ============= ============= ============= ============ For the Year Ended For the Year Ended December 31, 1995 December 31, 1994 -------------------------- --------------------------- Basic Diluted Basic Diluted ------------ ------------ ------------ ------------- Income before extraordinary items $ 94.2 $ 94.2 $ 59.8 $ 59.8 Extraordinary items (2.6) (2.6) - - ------------ ------------ ------------ ------------- Net income $ 91.6 $ 91.6 $ 59.8 $ 59.8 ============ ============ ============ ============= Weighted Average Shares: Common shares outstanding 48,944,181 48,944,181 42,602,167 42,602,167 Exercise of stock options (1) - 3,544,757 - 3,321,954 Exercise of warrants (2) - - - 1,514,356 ------------ ------------ ------------ ------------- Common and equivalent shares outstanding 48,944,181 52,488,938 42,602,167 47,438,477 ============ ============ ============ ============= Per Common and Equivalent Share: Income before extraordinary items $ 1.92 $ 1.79 $ 1.40 $ 1.26 Extraordinary items (0.05) (0.05) - - ------------ ------------ ------------ ------------- Net income per share $ 1.87 $ 1.74 $ 1.40 $ 1.26 ============ ============ ============ ============= - --------------------- (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 options. (2) Amount represents the number of common shares issued assuming exercise of warrants outstanding.