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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
SEPTEMBER 30,
----------------------------------
(In thousands, except share data ) 2003 2002
---------------- ---------------
BASIC EARNINGS PER SHARE
Income (loss) from continuing operations $ 18,202 $ 13,674
Basic weighted average number of common shares outstanding 58,646,254 58,065,396
---------------- ---------------
Basic earnings per share from continuing operations $ 0.31 $ 0.24
---------------- ---------------
Discontinued operations $ 306 $ 860
Basic weighted average number of common shares outstanding 58,646,254 58,065,396
---------------- ---------------
Basic earnings per share from continuing operations $ 0.01 $ 0.01
---------------- ---------------
Extraordinary item $ - $ (61)
Basic weighted average number of common shares outstanding 58,646,254 58,065,396
---------------- ---------------
Basic earnings per share from continuing operations $ - $ (0.00)
---------------- ---------------
Net income $ 18,508 $ 14,473
Basic weighted average number of common shares outstanding 58,646,254 58,065,396
---------------- ---------------
BASIC EARNINGS PER SHARE $ 0.32 $ 0.25
================ ===============
DILUTED EARNINGS PER SHARE
Income from continuing operations $ 18,202 $ 13,674
Subsidiary stock options (392) -
Interest expense on convertible debentures - 440
---------------- ---------------
Income available after assumed conversion $ 17,810 $ 14,114
---------------- ---------------
Basic weighted average shares outstanding 58,646,254 58,065,396
Common stock equivalents resulting from convertible debentures - 4,092,622
Common stock equivalents resulting from restricted stock and options 2,697,692 2,162,430
---------------- ---------------
Diluted weighted average shares outstanding 61,343,946 64,320,448
---------------- ---------------
Diluted earnings per share from continuing operations $ 0.29 $ 0.22
---------------- ---------------
Discontinued operations $ 306 $ 860
Diluted weighted average shares outstanding 61,343,946 64,320,448
---------------- ---------------
Diluted earnings per share from discontinued operations $ 0.01 $ 0.01
---------------- ---------------
Extraordinary item $ - $ (61)
Diluted weighted average shares outstanding 61,343,946 64,320,448
---------------- ---------------
Diluted earnings per share from extraordinary item $ - (0.00)
---------------- ---------------
Income available after assumed conversion $ 18,116 $ 14,913
Diluted weighted average shares outstanding 61,343,946 64,320,448
---------------- ---------------
DILUTED EARNINGS PER SHARE $ 0.30 $ 0.23
================ ===============
Exhibit 11
EARNINGS PER SHARE
The following reconciles the numerators and denominators of the basic and
diluted earnings per share.
FOR THE NINE MONTHS ENDED
SEPTEMBER 30,
----------------------------------
(In thousands, except share data ) 2003 2002
---------------- ---------------
BASIC EARNINGS PER SHARE
Income from continuing operations $ 48,932 $ 22,078
Basic weighted average number of common shares outstanding 58,381,370 57,967,925
---------------- ---------------
Basic earnings per share from continuing operations $ 0.84 $ 0.38
---------------- ---------------
Discontinued operations $ 1,143 $ 1,549
Basic weighted average number of common shares outstanding 58,381,370 57,967,925
---------------- ---------------
Basic earnings per share from continuing operations $ 0.02 $ 0.03
---------------- ---------------
Extraordinary item $ - $ 23,749
Basic weighted average number of common shares outstanding 58,381,370 57,967,925
---------------- ---------------
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 58,381,370 57,967,925
---------------- ---------------
Basic loss per share from cumulative effect of a change
in accounting principle $ - $ (0.26)
---------------- ---------------
Net income $ 50,075 $ 32,269
Basic weighted average number of common shares outstanding 58,381,370 57,967,925
---------------- ---------------
BASIC EARNINGS PER SHARE $ 0.86 $ 0.56
================ ===============
DILUTED EARNINGS PER SHARE
Income from continuing operations $ 48,932 $ 22,078
Subsidiary stock options (908) -
Interest expense on convertible debentures 569 1,320
---------------- ---------------
Income available after assumed conversion $ 48,593 $ 23,398
---------------- ---------------
Basic weighted average shares outstanding 58,381,370 57,967,925
Common stock equivalents resulting from convertible debentures 1,753,706 4,092,826
Common stock equivalents resulting from restricted stock and options 2,340,783 2,389,443
---------------- ---------------
Diluted weighted average shares outstanding 62,475,859 64,450,194
---------------- ---------------
Diluted earnings per share from continuing operations $ 0.78 $ 0.36
---------------- ---------------
Discontinued operations $ 1,143 $ 1,549
Basic weighted average number of common shares outstanding 62,475,859 64,450,194
---------------- ---------------
Basic earnings per share from continuing operations $ 0.02 $ 0.02
---------------- ---------------
Extraordinary item $ - $ 23,749
Diluted weighted average shares outstanding 62,475,859 64,450,194
---------------- ---------------
Diluted earnings per share from extraordinary item $ 0.00 $ 0.37
---------------- ---------------
Cumulative effect of a change in accounting principle $ - $ (15,107)
Diluted weighted average shares outstanding 62,475,859 64,450,194
---------------- ---------------
Diluted earnings (loss) per share from cumulative effect of a change
in accounting principle $ 0.00 $ (0.23)
---------------- ---------------
Income available after assumed conversion $ 49,736 $ 33,589
Diluted weighted average shares outstanding 62,475,859 64,450,194
---------------- ---------------
DILUTED EARNINGS PER SHARE $ 0.80 $ 0.52
================ ===============