EXHIBIT 11: STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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2001 2000 2001 2000
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BASIC:
Net earnings before extraordinary item $ 41,722 $ 22,839 $ 91,683 $ 50,708
Adjustment for dividends on
convertible preferred shares -- (170) (308) (531)
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Net earnings before extraordinary item
available to common stockholders 41,722 22,669 91,375 50,177
Extraordinary item (4,527) -- (4,527) --
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Net earnings available to common stockholders $ 37,195 $ 22,669 $ 86,848 $ 50,177
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Weighted average common shares outstanding 13,415,978 12,992,492 13,380,127 13,156,245
Net earnings per common share
before extraordinary item $ 3.11 $ 1.74 $ 6.83 $ 3.81
Extraordinary item (0.34) -- (0.34) --
------------ ------------ ------------ ------------
Net earnings per common share $ 2.77 $ 1.74 $ 6.49 $ 3.81
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DILUTED:
Net earnings before extraordinary item $ 41,722 $ 22,839 $ 91,683 $ 50,708
Extraordinary item (4,527) -- (4,527) --
------------ ------------ ------------ ------------
Net earnings available to common stockholders $ 37,195 $ 22,839 $ 87,156 $ 50,708
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Weighted average common shares outstanding 13,415,978 12,992,492 13,380,127 13,156,245
Common stock equivalents:
Stock options 630,367 305,741 598,884 223,598
Equity incentive plan 81,196 79,891 72,198 78,384
Conversion of preferred shares 227,181 313,492 265,992 327,641
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Total 14,354,722 13,691,616 14,317,201 13,785,868
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Net earnings per common share
before extraordinary item $ 2.91 $ 1.67 $ 6.40 $ 3.68
Extraordinary item (0.32) -- (0.32) --
------------ ------------ ------------ ------------
Net earnings per common share $ 2.59 $ 1.67 $ 6.08 $ 3.68
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