Exhibit 11 - COMPUTATION OF PER SHARE EARNINGS
(Thousands of dollars, except per share data)
Three Months Ended March 31
2004 2003
------------ ------------BASIC
Average shares outstanding 89,265,382 74,444,132
Net income $28,470 $11,339
Per share amount $0.32 $ 0.15
===== =====DILUTED
Average shares outstanding 89,265,382 74,444,132
Effect of dilutive securities based on the
treasury stock method using the average
market price if higher than the exercise
price 871,758 169,038
---------- ----------
90,137,140 74,613,170
Net income $28,470 $11,339 Per share amount $0.32 $ 0.15
===== =====
The antidilutive stock options outstanding were 2,423,368 and 4,850,365
at March 31, 2004 and 2003, respectively.