Exhibit 11 - COMPUTATION OF PER SHARE EARNINGS
(Thousands of dollars, except per share data)
Six Months Ended June 30 Three Months Ended June 30
2005 2004 2005 2004
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BASIC
Average shares outstanding 90,981,208 89,492,987 91,189,208 89,698,030
Net income $125,569 $53,811 $67,334 $25,341
Per share amount $1.38 $0.60 $0.74 $0.28
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DILUTED
Average shares outstanding 90,981,208 89,492,987 91,189,208 89,698,030
Effect of dilutive securities based on the
treasury stock method using the average
market price if higher than the exercise
price 847,297 863,045 628,167 854,332
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91,828,505 90,356,032 91,817,375 90,552,362
Net income $125,569 $53,811 $67,334 $25,341
Per share amount $1.37 $0.60 $0.73 $0.28
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The antidilutive stock options outstanding were 3,432,297 and 2,785,532
at June 30, 2005 and 2004, respectively.