.
.
.
Exhibit 11
EARNINGS PER SHARE
The following reconciles the numerators and denominators of the basic and
diluted earnings per share.
FOR THE THREE MONTHS ENDED
JUNE 30,
------------------------------
(In thousands, except share data) 2003 2002
------------ -------------
BASIC EARNINGS PER SHARE
Income (loss) from continuing operations $ 17,209 $ (3,487)
Basic weighted average number of common shares outstanding 58,321,020 57,973,880
------------ -------------
Basic earnings per share from continuing operations $ 0.30 $ (0.06)
------------ -------------
Extraordinary item $ -- $ 23,810
Basic weighted average number of common shares outstanding 58,321,020 57,973,880
------------ -------------
Basic earnings per share from continuing operations $ 0.00 $ 0.41
------------ -------------
Net income $ 17,209 $ 20,323
Basic weighted average number of common shares outstanding 58,321,020 57,973,880
------------ -------------
BASIC EARNINGS PER SHARE $ 0.30 $ 0.35
============ =============
DILUTED EARNINGS PER SHARE
Income from continuing operations $ 17,209 $ (3,487)
Interest expense on convertible debentures 129 --
------------ -------------
Income available after assumed conversion $ 17,338 $ (3,487)
------------ -------------
Basic weighted average shares outstanding 58,321,020 57,973,880
Common stock equivalents resulting from convertible debentures 1,213,470 --
Common stock equivalents resulting from restricted stock and options 2,364,434 --
------------ -------------
Diluted weighted average shares outstanding 61,898,924 57,973,880
------------ -------------
Diluted earnings per share from continuing operations $ 0.28 $ (0.06)
------------ -------------
Extraordinary item $ -- $ 23,810
Diluted weighted average shares outstanding 61,898,924 57,973,880
------------ -------------
Diluted earnings per share from continuing operations $ -- 0.41
------------ -------------
Income available after assumed conversion $ 17,338 $ 20,323
Diluted weighted average shares outstanding 61,898,924 57,973,880
------------ -------------
DILUTED EARNINGS PER SHARE $ 0.28 $ 0.35
============ =============
Exhibit 11
EARNINGS PER SHARE
The following reconciles the numerators and denominators of the basic and
diluted earnings per share.
FOR THE SIX MONTHS ENDED
JUNE 30,
------------------------------
(In thousands, except share data) 2003 2002
------------ -------------
BASIC EARNINGS PER SHARE
Income from continuing operations $ 31,567 $ 9,093
Basic weighted average number of common shares outstanding 58,246,733 57,918,382
------------ -------------
Basic earnings per share from continuing operations $ 0.54 $ 0.16
------------ -------------
Extraordinary item $ -- $ 23,810
Basic weighted average number of common shares outstanding 58,246,733 57,918,382
------------ -------------
Basic earnings per share from extraordinary item $ -- $ 0.41
------------ -------------
Cumulative effect of a change in accounting principle $ -- $ (15,107)
Basic weighted average number of common shares outstanding 58,246,733 57,918,382
------------ -------------
Basic loss per share from cumulative effect of a change
in accounting principle $ -- $ (0.26)
------------ -------------
Net income $ 31,567 $ 17,796
Basic weighted average number of common shares outstanding 58,246,733 57,918,382
------------ -------------
BASIC EARNINGS PER SHARE $ 0.54 $ 0.31
============ =============
DILUTED EARNINGS PER SHARE
Income from continuing operations $ 31,567 $ 9,093
Interest expense on convertible debentures 570 --
------------ -------------
Income available after assumed conversion $ 32,137 $ 9,093
------------ -------------
Basic weighted average shares outstanding 58,246,733 57,918,382
Common stock equivalents resulting from convertible debentures 2,645,093 --
Common stock equivalents resulting from restricted stock and options 2,155,856 2,968,980
------------ -------------
Diluted weighted average shares outstanding 63,047,682 60,887,362
------------ -------------
Diluted earnings per share from continuing operations $ 0.51 $ 0.15
------------ -------------
Extraordinary item $ -- $ 23,810
Diluted weighted average shares outstanding 63,047,682 60,887,362
------------ -------------
Diluted earnings per share from extraordinary item 0.00 0.39
------------ -------------
Cumulative effect of a change in accounting principle -- $ (15,107)
Diluted weighted average shares outstanding 63,047,682 60,887,362
------------ -------------
Diluted earnings (loss) per share from cumulative effect of a change
in accounting principle $ 0.00 $ (0.25)
------------ -------------
Income available after assumed conversion $ 32,137 $ 17,796
Diluted weighted average shares outstanding 63,047,682 60,887,362
------------ -------------
DILUTED EARNINGS PER SHARE $ 0.51 $ 0.29
============ =============