1
EXHIBIT 11
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Years Ended December 31,
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1996 1995 1994
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(in millions, except per share data)
Primary
Average shares outstanding . . . . . . . . . . . . . . . . 74.427 69.470 68.072
Net effect of dilutive stock options - based
on the treasury stock method using average market price . .554 .661
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Total . . . . . . . . . . . . . . . . . . . . . . . . . . . 74.427 70.024 68.733
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(Loss) income before cumulative effect of
accounting change . . . . . . . . . . . . . . . . . . . . $(35.9) $ 95.0 $136.8
Cumulative effect, to December 31, 1994,
of accounting change . . . . . . . . . . . . . . . . . . 22.0
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Net (loss) income . . . . . . . . . . . . . . . . . . . . . (35.9) 117.0 136.8
Dividend requirement on preferred stock . . . . . . . . . . 4.3 4.3 4.3
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Net (loss) income applicable to common shares . . . . . . . $(40.2) $112.7 $132.5
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(Loss) income per common share before cumulative
effect of accounting change . . . . . . . . . . . . . . . $(.54) $1.30 $1.93
Cumulative effect of accounting change . . . . . . . . . . .31
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Net (loss) income per common share . . . . . . . . . . . . $(.54) $1.61 $1.93
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Fully Diluted
Average shares outstanding . . . . . . . . . . . . . . . . 74.427 69.470 68.072
Net effect of dilutive stock options - based
on the treasury stock method using the
year-end market price, if higher than
average market price . . . . . . . . . . . . . . . . . . .606 .629
Assumed conversion of 5% cumulative preferred stock . . . . 3.320 3.320
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Total . . . . . . . . . . . . . . . . . . . . . . . . . . . 74.427 73.396 72.021
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(Loss) income before cumulative effect of
accounting change . . . . . . . . . . . . . . . . . . . . $(35.9) $ 95.0 $136.8
Cumulative effect, to December 31, 1994,
of accounting change . . . . . . . . . . . . . . . . . . 22.0
------ ------- ------
Net (loss) income . . . . . . . . . . . . . . . . . . . . . (35.9) 117.0 136.8
Dividend requirement or preferred stock . . . . . . . . . . 4.3
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Net (loss) income applicable to common shares . . . . . . . $(40.2) $117.0 $136.8
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(Loss) income per common share before cumulative
effect of accounting change . . . . . . . . . . . . . . . $(.54) $1.29 $1.90
Cumulative effect of accounting change . . . . . . . . . . .30
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Net (loss) income per common share . . . . . . . . . . . . $(.54) $1.59 $1.90
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