Exhibit 11 - COMPUTATION OF PER SHARE EARNINGS
(Thousands of dollars, except per share data)
Three Months Ended March 31
2003 2002
------------ ------------BASIC
Average shares outstanding 74,444,132 59,914,680
Net income (loss) $11,339 $(3,514)
Per share amount $0.15 $(0.06)
===== ======DILUTED
Average shares outstanding 74,444,132 59,914,680
Effect of dilutive securities based on the
treasury stock method using the average
market price if higher than the exercise price 169,038 480,503
---------- ----------
74,613,170 60,395,183
Net income (loss) $11,339 $(3,514) Per share amount $0.15 $(0.06)
===== ======