EX-11.01 2 w46237ex11-01.txt RECONCILIATION OF NET INCOME (LOSS) 1 EXHIBIT 11.01 RECONCILIATION OF NET INCOME (LOSS) AND PRO FORMA NET INCOME (LOSS) PER COMMON SHARE AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA
THREE THREE TWELVE MONTHS MONTHS MONTHS YEAR ENDED ENDED ENDED ENDED SEPTEMBER 30 DECEMBER 31 DECEMBER 31 DECEMBER 31 ------------ ----------- ----------- ----------- 1998 1997 1998 1998 ------------ ----------- ----------- ----------- (UNAUDITED) (UNAUDITED) Net Income (Loss) Per Share - Basic: NUMERATOR: Net income (loss) before extraordinary item - basic Extraordinary item, net of taxes Net income (loss) - basic DENOMINATOR: Weighted average shares outstanding - basic Income (loss) per share before extraordinary item - basic Extraordinary item Net income (loss) per share - basic Net Income (Loss) Per Share - Diluted NUMERATOR: Diluted: Income (loss) before extraordinary item Dilutive effect of TIDES securities, net of taxes Income (loss) before extraordinary item - diluted Extraordinary item, net of taxes Net income (loss) - diluted DENOMINATOR: Weighted average shares outstanding - basic Dilutive effect of options Dilutive effect of weighted average of TIDES securities outstanding Weighted average shares outstanding - diluted Income (loss) per share before extraordinary item - diluted Extraordinary item Net income (loss) per share - diluted If anti-dilutive, see diluted computation below, without the conversion of the TIDES
YEAR YEAR ENDED ENDED DECEMBER 31 DECEMBER 31 ------------ ----------- 1999 2000 ------------ ----------- Net Income (Loss) Per Share - Basic: NUMERATOR: Net income (loss) before extraordinary item - basic $(59,959) $47,254 Extraordinary item, net of taxes 918 -- -------- ------- Net income (loss) - basic $(60,877) $47,254 ======== ======= DENOMINATOR: Weighted average shares outstanding - basic 37,922 45,209 ======== ======= Income (loss) per share before extraordinary item - basic $ (1.58) $ 1.05 Extraordinary item 0.03 -- -------- ------- Net income (loss) per share - basic $ (1.61) $ 1.05 ======== ======= Net Income (Loss) Per Share - Diluted NUMERATOR: Diluted: Income (loss) before extraordinary item $(59,959) $47,254 Dilutive effect of TIDES securities, net of taxes 1,131 4,688 -------- ------- Income (loss) before extraordinary item - diluted $(58,828) $51,942 Extraordinary item, net of taxes 918 -- -------- ------- Net income (loss) - diluted $(59,746) $51,942 ======== ======= DENOMINATOR: Weighted average shares outstanding - basic 37,922 45,209 Dilutive effect of options 316 405 Dilutive effect of weighted average of TIDES securities outstanding 677 2,841 -------- ------- Weighted average shares outstanding - diluted 38,915 48,455 ======== ======= Income (loss) per share before extraordinary item - diluted $ (1.51) $ 1.07 Extraordinary item 0.03 -- -------- ------- Net income (loss) per share - diluted $ (1.54) $ 1.07 ======== ======= If anti-dilutive, see diluted computation below, without the conversion of the TIDES Anti-dilutive Anti-dilutive
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Net Income (Loss) Per Share - Diluted NUMERATOR: Diluted: Income (loss) before extraordinary item $(59,959) $47,254 Extraordinary item, net of taxes 918 -- ----------- -------- Net income (loss) - diluted $(60,877) $47,254 =========== ======== DENOMINATOR: Weighted average shares outstanding - basic 37,922 45,209 Dilutive effect of options 316 405 ----------- -------- Weighted average shares outstanding - diluted 38,238 45,614 =========== ======== Income (loss) per share before extraordinary item -diluted $ (1.57) $ 1.04 Extraordinary item 0.02 -- ------------ -------- Net income (loss) per share - diluted $ (1.59) $ 1.04 =========== ======== If anti-dilutive, use basic Anti-dilutive Dilutive
PRO FORMA DATA: Three Three Twelve Year Months Months Months Year Ended Ended Ended Ended Ended September December December December December 30 31 31 31 31 ---------- --------- -------- -------- -------- 1998 1997 1998 1998 1999 ---------- --------- -------- -------- -------- (Unaudited) (Unaudited) Pro forma net income (loss) per share - basic NUMERATOR: Pro forma income (loss) before extraordinary item $ 2,773 $(13,073) $15,923 $31,769 $20,676 Extraordinary item, net of pro forma taxes 1,488 -- -- 1,488 918 ------- -------- ------- ------- ------- Pro forma net income (loss) - basic $ 1,285 $(13,073) $15,923 $30,281 $19,758 ======= ======== ======= ======= ======= DENOMINATOR: Weighted average shares outstanding 21,534 21,534 21,534 21,534 37,922 Shares adjusted under SAB 1.b.3 705 -- 3,208 2,570 -- ------- -------- ------- ------- ------- Weighted average shares outstanding - basic 22,239 21,534 24,742 24,104 37,922 ======= ======== ======= ======= ======= Basic: Pro forma income (loss) per share before $ 0.12 $ (0.61) $ 0.64 $ 1.32 $ 0.55 extraordinary item Extraordinary item, net of pro forma taxes 0.06 -- -- 0.06 0.03 ------- -------- ------- ------- ------- Pro forma net income (loss) per share - basic $ 0.06 $ (0.61) $ 0.64 $ 1.26 $ 0.52 ======= ======== ======= ======= ======= Pro forma net income per share - diluted: NUMERATOR: Pro form income (loss) before extraordinary item $ 2,773 $(13,073) $15,923 $31,769 $20,676 Effect of dilutive securities: Financing cost of TIDES securities -- -- -- -- 1,131 Convertible Subordinated Debentures - stated interest, net of tax 1,194 296 314 1,211 -- Convertible Subordinated Debentures - index adjustment 8,841 14,903 29,503 23,441 -- ------- -------- ------- ------- ------- Pro forma income before extraordinary item - diluted 12,808 2,126 45,740 56,421 21,807 Extraordinary item, net of pro forma taxes 1,488 -- -- 1,488 918 ------- -------- ------- ------- ------- Pro forma net income - diluted $11,320 $ 2,126 $45,740 $54,933 $20,889 ======= ======== ======= ======= =======
73 3 DENOMINATOR: Weighted average shares outstanding - basic 21,534 21,534 21,534 21,534 37,922 Shares adjusted under SAB 1.b.3 705 -- 3,208 2,570 -- Effect of dilutive securities: TIDES -- -- -- -- 677 Convertible Subordinated Debentures 4,323 4,323 4,323 4,323 -- ------- -------- ------- ------- ------- Weighted average shares outstanding - diluted 26,562 25,857 29,065 28,427 38,599 ======= ======== ======= ======= ======= Diluted: Pro forma income per share before extraordinary item - diluted $ 0.48 $ 0.08 $ 1.57 $ 1.98 $ 0.56 Extraordinary item, net of pro forma taxes 0.06 -- -- 0.05 0.03 ------- -------- ------- ------- ------- Pro forma net income per share - diluted $ 0.42 $ 0.08 $ 1.57 $ 1.93 $ 0.53 ======= ======== ======= ======= ======= Anti- Anti- Anti- Anti- Anti- If anti-dilutive, use basic dilutive dilutive dilutive dilutive dilutive
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