Exhibit 11
COMPUTATION OF EARNINGS PER COMMON SHARE
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
1999 2000 1999 2000
---- ---- ---- ----
BASIC EARNINGS
Income before the cumulative effect or a change
in accounting principles and extraodinary items .......... $ 1,393 $15,653 $ 29,173 $ 50,807
Cumulative effect of a change in
in accounting principles ................................. -- -- (5,315) --
------- ------- -------- --------
Income before extraordinary items ........................ 1,393 15,653 23,858 50,807
Extraordinary items ....................................... -- -- -- (302)
------- ------- -------- --------
Net earnings ........................................... $ 1,393 $15,653 $ 23,858 $ 50,505
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Shares:
Weighted average number of common
shares outstanding ..................................... 51,059 44,886 51,568 45,982
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Basic earnings per common share:
Income before the cumulative effect or a change
in accounting principles and extraodinary items ........ $ 0.03 $ 0.35 $ 0.56 $ 1.10
Cumulative effect of a change in
accounting principles .................................. -- -- (0.10) --
Extraordinary items ...................................... -- -- -- --
------- ------- -------- --------
Net earnings ........................................... $ 0.03 $ 0.35 $ 0.46 $ 1.10
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DILUTED EARNINGS
Income before the cumulative effect or a change
in accounting principles and extraodinary items .......... $ 1,393 $15,653 $ 29,173 $ 50,807
Cumulative effect of a change in
accounting principles .................................... -- -- (5,315) --
------- ------- -------- --------
Income before extraordinary items ......................... 1,393 15,653 23,858 50,807
Extraordinary items ....................................... -- -- -- (302)
------- ------- -------- --------
Net earnings as adjusted ............................... $ 1,393 $15,653 $ 23,858 $ 50,505
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Shares:
Weighted average number of common
shares outstanding ..................................... 51,059 44,886 51,568 45,982
Options issued ........................................... 1,030 958 1,209 769
------- ------- -------- --------
Weighted average number of common
shares outstanding as adjusted ......................... 52,089 45,844 52,777 46,751
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Diluted earnings per common share:
Income before the cumulative effect of a change
in accounting principles ............................... $ 0.03 $ 0.34 $ 0.55 $ 1.08
Cumulative effect of a change in
accounting principles .................................. -- -- (0.10) --
Extraordinary items ...................................... -- -- -- --
------- ------- -------- --------
Net earnings ........................................... $ 0.03 $ 0.34 $ 0.45 $ 1.08
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