EX-11 4 l03453aexv11.txt EX-11 STATEMENT OF COMPUTATION EARNINGS RATIO . . . EXHIBIT 11 FERRO CORPORATION AND SUBSIDIARIES STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, (dollars in thousands-except per share amounts) 2003 2002 2003 2002 (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) ------------ ------------ ------------ ------------ Basic: Weighted Average Common Shares Outstanding ........ 40,953,873 40,347,707 40,759,106 37,550,340 Net Income (Loss) ................................. $ (757) $ 44,521 $ 16,050 $ 65,748 Less: Preferred Stock Dividend .................... (517) (594) (1,598) (1,875) Net Income (Loss) Available to Common Shareholders $ (1,274) $ 43,927 $ 14,452 $ 63,873 Basic Earnings (Loss) Per Common Share .................... $ (0.03) $ 1.09 $ 0.35 $ 1.70 Diluted: Weighted Average Common Shares Outstanding ........ 40,953,873 40,347,707 40,759,106 37,550,340 Adjustments for Assumed Conversion of Convertible Preferred Stock and Common Stock Options ......... -- 2,662,294 184,798 2,893,392 ------------ ------------ ------------ ------------ 40,953,873 43,010,001 40,943,904 40,443,732 Net Income (Loss) ................................. $ (757) $ 44,521 $ 16,050 $ 65,748 Tax effect on assumed conversion of convertible preferred stock ..................... -- (111) -- (351) Less: Preferred Stock Dividend .................... (517) -- (1,598) -- ------------ ------------ ------------ ------------ Adjusted Net Income (Loss) ........................ $ (1,274) $ 44,410 $ 14,452 $ 65,397 Diluted Earnings (Loss) Per Share ...................... $ (0.03) $ 1.03 $ 0.35 $ 1.62
(1) The preferred shares were anti-dilutive in the three months and nine months ended September 30, 2003, and are thus not included in the diluted shares outstanding. Stock options were anti-dilutive for the three months ended September 30, 2003, and thus are not included in the diluted shares outstanding. 22