Exhibit 11 - COMPUTATION OF PER SHARE EARNINGS
(Thousands of dollars, except per share data)
Six Months Ended June 30 Three Months Ended June 30
2003 2002 2003 2002
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BASIC
Average shares outstanding 79,198,167 60,092,322 85,520,667 60,239,065
Net income $15,260 $ 446 $ 3,921 $ 3,960
Per share amount $0.19 $ 0.01 $ 0.05 $ 0.07
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DILUTED
Average shares outstanding 79,198,167 60,092,322 85,520,667 60,239,065
Effect of dilutive securities based on the
treasury stock method using the average
market price if higher than the exercise
price 204,433 639,734 239,828 798,964
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79,402,600 60,732,056 85,760,495 61,038,029
Net income $15,260 $ 446 $ 3,921 $ 3,960
Per share amount $0.19 $ 0.01 $ 0.05 $ 0.07
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