EX-11.1 4 w97996exv11w1.htm STATEMENT RE COMPUTATION OF PER SHARE EARNINGS exv11w1
 

Exhibit 11.1

Statement Re Computation of Per Share Earnings
(millions, except per share amounts)

                                                         
    Three Months Ended    
    March 31,
  Year ended December 31,
    2004
  2003
  2003
  2002
  2001
  2000
  1999
Numerator:
                                                       
Income (loss) from continuing operations before discontinued operations and cumulative effect of changes in accounting principle
  $ 26     $ 14     $ 74     $ (47 )   $ (109 )   $ 60     $ 118  
Discontinued operations
                4       (196 )     56       40       52  
Cumulative effect of a change in accounting principle
          (28 )     (33 )     (368 )                  
 
   
 
     
 
     
 
     
 
     
 
     
 
     
 
 
Net income available to common stockholders
  $ 26     $ (14 )   $ 45     $ (611 )   $ (53 )   $ 100     $ 170  
 
   
 
     
 
     
 
     
 
     
 
     
 
     
 
 
Denominator:
                                                       
Weighted average number of common shares, basic
    107.0       106.8       107.8       106.0       104.8       103.5       99.2  
Assumed issuance of dilutive shares related to convertible debentures, stock options and restricted stock
    1.2       0.2       0.1                   0.7       0.7  
 
   
 
     
 
     
 
     
 
     
 
     
 
     
 
 
Weighted average number of common shares, diluted
    108.2       107.0       107.9       106.0       104.8       104.2       99.9  
 
   
 
     
 
     
 
     
 
     
 
     
 
     
 
 
Basic earnings (loss) per share of common stock:
                                                       
Income from continuing operations
  $ 0.24     $ 0.13     $ 0.69     $ (0.44 )   $ (1.04 )   $ 0.58     $ 1.19  
Discontinued operations
                0.04       (1.85 )     0.53       0.39       0.52  
Cumulative effect of a change in accounting principle
          (0.26 )     (0.31 )     (3.47 )                  
 
   
 
     
 
     
 
     
 
     
 
     
 
     
 
 
Net income (loss)
  $ 0.24     $ (0.13 )   $ 0.42     $ (5.76 )   $ (0.51 )   $ 0.97     $ 1.71  
 
   
 
     
 
     
 
     
 
     
 
     
 
     
 
 
Diluted earnings (loss) per share of common stock:
                                                       
Income from continuing operations
  $ 0.24     $ 0.13     $ 0.69     $ (0.44 )   $ (1.04 )   $ 0.58     $ 1.18  
Discontinued operations
                0.04       (1.85 )     0.53       0.38       0.52  
Cumulative effect of a change in accounting principle
          (0.26 )     (0.31 )     (3.47 )                  
 
   
 
     
 
     
 
     
 
     
 
     
 
     
 
 
Net income (loss)
  $ 0.24     $ (0.13 )   $ 0.42     $ (5.76 )   $ (0.51 )   $ 0.96     $ 1.70