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EXHIBIT 11 - Statement re computation of per share earnings
Three Months Ended June 30, Six Months Ended June 30,
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1998 1997 1998 1997
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(In thousands, except share and per-share amounts)
Calculation of basic earnings per share:
Income from continuing operations $ 29,630 $ 16,263 $ 47,683 $ 38,668
Less preferred stock dividends (75) (75) (162) (150)
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Income from continuing operations applicable to
common stock $ 29,555 $ 16,188 $ 47,521 $ 38,518
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Total weighted average shares outstanding 32,516,846 29,545,871 31,645,463 28,789,948
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Basic EPS from continuing operations $ 0.91 $ 0.55 $ 1.50 $ 1.34
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Calculation of diluted earnings per share:
Income from continuing operations $ 29,630 $ 16,263 $ 47,683 $ 38,668
Less preferred stock dividends (75) (75) (162) (150)
Net effect on earnings from conversion of mandatorily
redeemable convertible preferred securities 5,981 6,755
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Income from continuing operations applicable to
common stock $ 35,536 $ 16,188 $ 54,276 $ 38,518
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Weighted average shares outstanding 32,516,846 29,545,871 31,645,463 28,789,948
Stock option conversion 1,969,220 1,796,192 2,165,329 1,628,454
Dilutive effect of conversion of mandatorily redeemable
convertible preferred securities 9,096,303 5,219,999
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Total weighted average shares outstanding 43,582,369 31,342,063 39,030,791 30,418,402
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Diluted EPS from continuing operations $ 0.82 $ 0.52 $ 1.39 $ 1.27
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