EXHIBIT 11
OGDEN CORPORATION AND SUBSIDIARIES
DETAIL OF COMPUTATION OF EARNINGS APPLICABLE TO COMMON STOCK
FOR THE SIX MONTHS ENDED JUNE 30,
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1999 1998
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Income Shares Per-Share Income Shares Per-Share
(Numerator) (Denominator) Amount (Numerator) (Denominator) Amount
----------- ------------- ------ ----------- ------------- ------
(In Thousands, Except for Share Amounts)
Income before cumulative
effect of change in accounting
principle $ 35,513 $ 38,760
Less: preferred stock dividend 70 73
-------- --------
Basic Earnings Per Share 35,443 49,043 $ 0.72 38,687 50,283 $ 0.77
-------- --------
Effect of Dilutive Securities:
Stock options 498 1,042
Convertible preferred stock 70 250 73 260
6% convertible debentures 807 1,088 775 1,088
5 3/4% convertible debentures 590 762 566 762
-------- -------- -------- --------
Diluted Earnings per Share $ 36,910 51,641 $ 0.71 $ 40,101 53,435 $ 0.75
-------- -------- -------- -------- -------- --------
FOR THE SIX MONTHS ENDED JUNE 30,
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1999 1998
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Income Shares Per-Share Income Shares Per-Share
(Numerator) (Denominator) Amount (Numerator) (Denominator) Amount
----------- ------------- ------ ----------- ------------- ------
(In Thousands, Except for Share Amounts)
Net income $ 31,693 $ 38,760
Less: preferred stock 70 73
-------- --------
Basic Earnings Per Share 31,623 49,043 $ 0.65 38,687 50,283 $ 0.77
-------- --------
Effect of Dilutive Securities:
Stock options 498 1,042
Convertible preferred stock 70 250 73 260
6% convertible debentures (A) 775 1,088
5 3/4% convertible debentures (A) 566 762
-------- -------- -------- --------
Diluted Earnings per Share $ 31,693 49,791 $ 0.64 $ 40,101 53,435 $ 0.75
-------- -------- -------- -------- -------- --------
(A) Antidilutive
Note:
Earnings per common share was computed by dividing net income,
reduced by preferred stock dividend requirements, by the weighted
average of the number of shares of common stock outstanding during
each period. Diluted earnings per common share was computed on the
assumption that all convertible debentures, convertible preferred
stock, and stock options converted or exercised during each period,
or outstanding at the end of each period were converted at the
beginning of each period or the date of issuance or grant, if
dilutive. This computation provides for the elimination of related
convertible debenture interest and preferred dividends.
EXHIBIT 11
OGDEN CORPORATION AND SUBSIDIARIES
DETAIL OF COMPUTATION OF EARNINGS APPLICABLE TO COMMON STOCK
FOR THE THREE MONTHS ENDED JUNE 30,
------------------------------------------------------------------------------------
1999 1998
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Income Shares Per-Share Income Shares Per-Share
(Numerator) (Denominator) Amount (Numerator) (Denominator) Amount
----------- ------------- ------ ----------- ------------- ------
(In Thousands, Except for Share Amounts)
Net income $ 24,992 $ 27,060
Less: preferred stock dividend 35 36
-------- --------
Basic Earnings Per Share 24,957 49,126 $ 0.51 27,024 50,206 $ 0.54
-------- --------
Effect of Dilutive Securities:
Stock options 503 863
Convertible preferred stock 35 249 36 258
6% convertible debentures 807 2,175 775 2,175
5 3/4% convertible debentures 590 1,524 566 1,524
-------- -------- -------- --------
Diluted Earnings per Share $ 26,389 53,577 $ 0.49 $ 28,401 55,026 $ 0.52
-------- -------- -------- -------- -------- --------
Note:
Earnings per common share was computed by dividing net income,
reduced by preferred stock dividend requirements, by the weighted
average of the number of shares of common stock outstanding during
each period. Diluted earnings per common share was computed on the
assumption that all convertible debentures, convertible preferred
stock, and stock options converted or exercised during each period,
or outstanding at the end of each period were converted at the
beginning of each period or the date of issuance or grant, if
dilutive. This computation provides for the elimination of related
convertible debenture interest and preferred dividends.