Exhibit 11 - COMPUTATION OF PER SHARE EARNINGS
(Thousands of dollars, except per share data)
Nine Months Ended Sep 30 Three Months Ended Sep 30
2003 2002 2003 2002
---------- ------------ ----------- ------------BASIC
Average shares outstanding 81,109,433 60,459,277 85,568,394 61,091,924
Net income (loss) $13,985 $ 2,283 $(1,275) $1,837
Per share amount $0.17 $ 0.04 $(0.01) $0.03
===== ===== ===== =====DILUTED
Average shares outstanding 81,109,433 60,459,277 85,568,394 61,091,924
Effect of dilutive securities based on the
treasury stock method using the average
market price if higher than the exercise
price 175,961 539,266 - A 338,332
---------- ---------- ---------- ----------
81,285,394 60,998,543 85,568,394 61,430,256
Net income $13,985 $ 2,283 $(1,275) $1,837 Per share amount $0.17 $ 0.04 $(0.01) $0.03
===== ===== ===== =====
A - The addition of 119,016 shares would result in antidilution.