1 EXHIBIT 11 PRIMARY For the Three Months For the Six Months Ended June 30, Ended June 30, -------------------- -------------------- 1997 1996 1997 1996 -------------------- -------------------- INCOME ON COMMON STOCK ============================ NET INCOME $21.4 $17.7 $41.9 $33.0 SHARES OUTSTANDING ============================ Weighted Average Number of 78.2 69.9 77.9 67.5 Common Shares Outstanding Common Shares Issuable Upon the Assumed Exercise of Stock 12.6 14.4 12.3 14.4 Options and Stock Warrants Common Shares Repurchased Through Treasury Stock Method Upon the Assumed Exercise of Stock Options and Stock Warrants (5.4) (3.9) (5.0) (4.3) Assumed Conversion of Convertible Preferred Stock - 6.8 - 9.1 ----------------------------------------- Weighted Average Number of Common Shares Outstanding 85.4 87.2 85.2 86.7 ======================================== EARNINGS PER SHARE ============================ NET INCOME PER COMMON SHARE $0.25 $0.20 $0.49 $0.38 ======================================== 2 EXHIBIT 11 FULLY DILUTED For the Three Months For the Six Months Ended June 30, Ended June 30, ------------------------------ ----------------------------- 1997 1996 1997 1996 ------------------------------ ----------------------------- INCOME ON COMMON STOCK ============================================== NET INCOME $ 21.4 $ 17.7 $ 41.9 $ 33.0 SHARES OUTSTANDING ============================================== Weighted Average Number of 78.2 69.9 77.9 67.5 Common Shares Outstanding Common Shares Issuable Upon the Assumed Exercise of Stock 14.4 14.4 14.2 14.4 Options and Stock Warrants Common Shares Repurchased Through Treasury Stock Method Upon the Assumed Exercise of Stock Options and Stock Warrants (6.8) (3.5) (6.5) (3.5) Assumed Conversion of Convertible Preferred Stock - 6.8 - 9.1 ------------------------------------------------------------- Weighted Average Number of Common Shares Outstanding 85.8 87.6 85.6 87.5 ============================================================= EARNINGS PER SHARE ============================================== NET INCOME PER COMMON SHARE $ 0.25 $ 0.20 $ 0.49 $ 0.38 =============================================================