EX-11 3 dex11.htm COMPUTATION OF PER SHARE EARNINGS Prepared by R.R. Donnelley Financial -- COMPUTATION OF PER SHARE EARNINGS
 
EXHIBIT 11 – COMPUTATION OF EARNINGS PER SHARE
 
(In thousands of dollars, except per share data)
 
    
Three Months Ended March 31,
  
    
2002
     
2001
  
Numerator:
                  
Income (loss) before cumulative effect of a change in accounting Principle
   
$
90,329
 
   
$
(309,228
)
Cumulative effect of a change in accounting principle
   
 
(16,778,526
)
   
 
—
 
    
  
Net loss
   
 
(16,688,197
)
   
 
(309,228
)
Effect of dilutive securities:
                  
Convertible debt – 2.625% issued in 1998
   
 
2,339
*
   
 
2,453
 *
Convertible debt – 1.5% issued in 1999
   
 
2,325
*
   
 
2,438
 *
LYONS – 1996 issue
   
 
—
 
   
 
(127
)*
LYONS – 1998 issue
   
 
1,184
*
   
 
1,754
 *
Less: Anti-dilutive items
   
 
(5,848
)
   
 
(6,518
)
    
  
Numerator for net income (loss) per common share—diluted
   
$
(16,688,197
)
   
$
(309,228
)
    
  
Denominator:
                  
Weighted average common shares
   
 
599,195
 
   
 
586,990
 
Effect of dilutive securities:
                  
Stock options and common stock warrants
   
 
4,963
 
   
 
14,990
 * **
Convertible debt – 2.625% issued in 1998
   
 
9,282
*
   
 
9,282
 *
Convertible debt – 1.5% issued in 1999
   
 
9,454
*
   
 
9,454
 *
LYONS – 1996 issue
   
 
—
 
   
 
3,869
 * **
LYONS – 1998 issue
   
 
3,085
*
   
 
3,085
 *
Less: Anti-dilutive items
   
 
(21,821
)
   
 
(40,680
)
    
  
Denominator for net income (loss) per common share—diluted
   
 
604,158
 
   
 
586,990
 
    
  
Net income (loss) per common share:
                  
Income (loss) before cumulative effect of a change in accounting principle
                  
Basic
   
$
.15
 
   
$
(.53
)
Diluted
   
$
.15
 
   
$
(.53
)
Cumulative effect of a change in accounting principle – Basic & Diluted
   
$
(28.00
)
   
$
—
 
Net loss
                  
Basic
   
$
(27.85
)
   
$
(.53
)
Diluted
   
$
(27.85
)
   
$
(.53
)
 
*
 
Denotes items that are anti-dilutive to the calculation of earnings per share.
**
 
Denotes items that are anti-dilutive to the calculation of the March 31, 2001 restatement of earnings per share required upon the adoption of FAS 142.