EX-11 3 dex11.txt STATEMENT OF RECOMPUTATION OF PER SHARE EARNINGS Exhibit 11. Statement re computation of per share earnings. TORCHMARK CORPORATION COMPUTATION OF EARNINGS PER SHARE
Three months ended June 30, 2001 2000 ------------ ------------ Net income before extraordinary item and cumulative effect of change in accounting principle $100,838,000 $ 83,294,000 Loss on redemption of debt (net of applicable tax benefit) (1,080,000) 0 ------------ ------------ Net income before cumulative effect of change in accounting principle 99,758,000 83,294,000 Cumulative effect of change in accounting principle (net of applicable tax benefit) (26,584,000) 0 ------------ ------------ Net income $ 73,174,000 $ 83,294,000 ============ ============ Basic weighted average shares and common stock equivalents outstanding 125,239,923 128,050,502 Diluted weighted average shares and common stock equivalents outstanding 126,130,751 128,259,768 Basic earnings per share: Net income before extraordinary item and cumulative effect of change in accounting prnciple $ 0.81 $ 0.65 Loss on redemption of debt (net of applicable tax benefit) (0.01) 0.00 ------------ ------------ Net income before cumulative effect of change in accounting principle 0.80 0.65 Cumulative effect of change in accounting principle (net of applicable tax benefit) (0.22) 0.00 ------------ ------------ Net income $ 0.58 $ 0.65 ============ ============ Diluted earnings per share: Net income before extraordinary item and cumulative effect of change in accounting principle $ 0.80 $ 0.65 Loss on redemption of debt (net of applicable tax benefit) (0.01) 0.00 ------------ ------------ Net income before cumulative effect of change in accounting principle 0.79 0.65 Cumulative effect of change in accounting principle (net of applicable tax benefit) (0.21) 0.00 ------------ ------------ Net income $ 0.58 $ 0.65 ============ ============
(Continued on following page) TORCHMARK CORPORATION COMPUTATION OF EARNINGS PER SHARE (Continued)
Six months ended June 30, 2001 2000 ------------ ------------ Net income from continuing operations before extraordinary item and cumulative effect of change in accounting principle $200,541,000 $172,176,000 Loss from discontinued operations (net of applicable tax benefit) (3,280,000) 0 ------------ ------------ Net income before extraordinary item and cumulative effect of change in accounting principle 197,261,000 172,176,000 Loss on redemption of debt (net of applicable tax benefit) (1,105,000) 0 ------------ ------------ Net income before cumulative effect of change in accounting principle 196,156,000 172,176,000 Cumulative effect of change in accounting principle (net of applicable tax benefit) (26,584,000) 0 ------------ ------------ Net income $169,572,000 $172,176,000 ============ ============ Basic weighted average shares and common stock equivalents outstanding 125,709,646 129,373,516 Diluted weighted average shares and common stock equivalents outstanding 126,445,317 129,545,406 Basic earnings per share: Net income from continuing operations before extraordinary item and cumulative effect of change in accounting principle $ 1.60 $ 1.33 Loss from discontinued operations (net of applicable tax benefit) (0.03) 0.00 ------------ ------------ Net income before extraordinary item and cumulative effect of change in accounting principle 1.57 1.33 Loss on redemption of debt (net of applicable tax benefit) (0.01) 0.00 ------------ ------------ Net income before cumulative effect of change in accounting principle 1.56 1.33 Cumulative effect of change in accounting principle (net of applicable tax benefit) (0.21) 0.00 ------------ ------------ Net income $ 1.35 $ 1.33 ============ ============ Diluted earnings per share: Net income from continuing operations before extraordinary item and cumulative effect of change in accounting principle $ 1.59 $ 1.33 Loss from discontinued operations (net of applicable tax benefit) (0.03) 0.00 ------------ ------------ Net income before extraordinary item and cumulative effect of change in accounting principle 1.56 1.33 Loss on redemption of debt (net of applicable tax benefit) (0.01) 0.00 ------------ ------------ Net income before cumulative effect of change in accounting principle 1.55 1.33 Cumulative effect of change in accounting principle (net of applicable tax benefit) (0.21) 0.00 ------------ ------------ Net income $ 1.34 $ 1.33 ============ ============