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EXHIBIT 11.1 COMPUTATION OF NET INCOME PER SHARE
Three Months Ended Six Months Ended
June 30, June 30,
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1999 1998 1999 1998
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Basic:
Net income attributable to common shares ..................................... $ 4,838 $ 4,875 $ 6,266 $ 8,458
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Weighted average common shares outstanding ................................... 22,085 21,912 22,080 21,840
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Per share amount ............................................................. $ 0.22 $ 0.22 $ 0.28 $ 0.39
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Diluted:
Net income ................................................................... $ 4,838 $ 4,875 $ 6,266 $ 8,458
Net effect of convertible debentures based on the
if-converted method, assuming 100% conversion:
$35,000,000, 6.75%, due 2006 ............................................. 391 591 782 1,181
$50,000,000, 7.0%, due 2004 .............................................. 587 875 1,174 1,750
$143,750,000, 5.25%, due 2002 ............................................ 1,295 1,887 1,590 3,773
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Net income (loss) attributable to common shares .............................. $ 7,111 $ 8,228 $ 9,812 $15,162
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Weighted average common shares outstanding ................................... 22,085 21,912 22,080 21,840
Net effect of convertible debentures based on the if-converted method,
assuming 100% conversion:
$35,000,000, 6.75%, due 2006 ............................................. 1,717 1,717 1,717 1,717
$50,000,000, 7.0%, due 2004 .............................................. 2,469 2,469 2,469 2,469
$143,750,000, 5.25%, due 2002 ............................................ 5,000 5,000 5,000 5,000
Net effect of dilutive stock options based on the Treasury stock method, using
average market price........................................................ 260 501 362 527
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Totals ................................................................... 31,531 31,599 31,628 31,553
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Per share amount ............................................................. $ 0.23 $ 0.26 $ 0.31 $ 0.48
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