EX-11.1 5 y89782a3exv11w1.txt STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS Exhibit 11.1 STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS The consolidated financial statements are presented in accordance with SFAS 128, Earnings Per Share. Basic earnings per share are computed using the weighted average number of common shares outstanding during the period. The effects of stock options, warrants and conversion of Series A preferred shares have not been included in the computation of diluted earnings per share for period September 6, 2003 through September 30, 2003 as their effect would have been anti-dilutive.
WEIGHTED AVERAGE SHARES FOR BASIC EARNINGS PER SHARE SHARES OUTSTANDING FRACTION OF PERIOD WEIGHTED AVERAGE SHARES ------------------ ------------------ ----------------------- Class A common shares outstanding January 1, 2002 - December 31, 2002 100 365/365 100 ========== ========== Class A common shares outstanding January 1, 2003 - September 5, 2003 100 248/248 100 ========== ========== Class A and B common shares outstanding September 6, 2003 - September 29, 2003 12,698,750 24/25 12,190,800 Class B common shares issued September 30, 2003 2,687,500 ---------- Class A and B common shares outstanding September 30,2003 15,386,250 1/25 615,450 ========== ---------- Weighted average shares for basic earnings per share September 6, 2003 - September 30, 2003 12,806,250 ==========
The following table sets forth the computation of basic and diluted earnings per share.
PREDECESSOR SUCESSOR PREDECESSOR JANUARY 1, 2003 SEPTEMBER 6, 2003 NINE MONTHS ENDED THROUGH THROUGH (in thousands, except for per share amounts) SEPTEMBER 30, 2002 SEPTEMBER 5, 2003 SEPTEMBER 30, 2003 ------------------ ----------------- ------------------ Income (loss) before extraordinary gain $ (814) $ 24,604 $ (184) Less: Preferred stock dividends -- -- (13,125) ------------ ------------ ------------ Income (loss) available to common stock holders before extraordinary gain (814) 24,604 (13,309) Extraordinary gain -- -- 46,424 ------------ ------------ ------------ Net income (loss) $ (814) $ 24,604 $ 33,115 ============ ============ ============ WEIGHTED AVERAGE SHARES FOR BASIC EARNINGS PER SHARE Weighted average shares for basic earnings per share 100 100 12,806,250 ============ ============ ============ BASIC EARNINGS (LOSS) PER SHARE: Income (loss) available to common stock holders before extraordinary gain $ (8,140) $ 246,040 $ (1.04) Extraordinary gain -- -- 3.63 ------------ ------------ ------------ Net income (loss) $ (8,140) $ 246,040 $ 2.59 ============ ============ ============ DILUTED EARNINGS (LOSS) PER SHARE: Weighted average shares for diluted earnings per share 100 100 12,806,250 ============ ============ ============ Income (loss) available to common stock holders before extraordinary gain $ (8,140) $ 246,040 $ (1.04) Extraordinary gain -- -- 3.63 ------------ ------------ ------------ Net income (loss) $ (8,140) $ 246,040 $ 2.59 ============ ============ ============