EXHIBIT 11
OGDEN CORPORATION AND SUBSIDIARIES
DETAILS OF COMPUTATION OF EARNINGS PER SHARE
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
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1998 1997
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INCOME SHARES PER-SHARE INCOME SHARES PER-SHARE
(NUMERATOR) (DENOMINATOR) (AMOUNT) (NUMERATOR) (DENOMINATOR) AMOUNT
----------- ------------- --------- ----------- ------------- ---------
(In Thousands)
Net income ................... $66,915 $55,391
Less: preferred stock dividend 109 115
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Basic Earnings Per Share ..... 66,806 50,071 $ 1.33 55,276 49,951 $ 1.11
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Effect of Dilutive Securities:
Stock Options ................ 887 374
Convertible preferred stock .. 109 258 115 278
6% convertible debentures .... 1,582 1,450 1,540 1,450
5 3/4% Convertible debentures 1,155 1,016 1,105 1,016
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Diluted Earnings Per Share ... $69,652 53,682 $ 1.30 $58,036 53,069 $ 1.09
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FOR THE THREE MONTHS ENDED SEPTEMBER 30,
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1998 1997
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INCOME SHARES PER-SHARE INCOME SHARES PER-SHARE
(NUMERATOR) (DENOMINATOR) (AMOUNT) (NUMERATOR) (DENOMINATOR) AMOUNT
----------- ------------- --------- ----------- ------------- ---------
(In Thousands)
Net income ................... $28,155 $24,605
Less: preferred stock dividend 36 38
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Basic Earnings Per Share ..... 28,119 49,653 $ 0.57 24,567 50,048 $ 0.49
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Effect of Dilutive Securities:
Stock Options ................ 575 555
Convertible preferred stock .. 36 255 38 272
6% convertible debentures .... 807 2,175 793 2,175
5 3/4% Convertible debentures 589 1,524 574 1,524
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Diluted Earnings Per Share ... $29,551 54,182 $ 0.55 $25,972 54,574 $ 0.48
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Note:
Basic 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.