EX-11 3 dex11.htm COMPUTATION OF PER SHARE EARNINGS Computation of Per Share Earnings
 
EXHIBIT 11 – COMPUTATION OF EARNINGS PER SHARE
 
In thousands of dollars, except per share data
 
   
Nine Months Ended September 30,
     
Three Months Ended September 30,
  
   
2002
    
2001
     
2002
    
2001
  
Numerator:
                                 
Income (loss) before cumulative effect of a change in accounting principle
  
$
540,879
 
  
$
(778,427
)
   
$
212,514
 
  
$
(232,198
)
Cumulative effect of a change in accounting principle
  
 
(16,778,526
)
  
 
—  
 
   
 
—  
 
  
 
—  
 
   
 
  
 
Net loss
  
 
(16,237,647
)
  
 
(778,427
)
   
 
212,514
 
  
 
(232,198
)
                                  
Effect of dilutive securities:
                                 
Convertible debt – 2.625% issued in 1998
  
 
6,825
 
  
 
7,019
*
   
 
2,145
 
  
 
2,340
*
Convertible debt – 1.5% issued in 1999
  
 
6,525
 
  
 
6,975
*
   
 
1,875
 
  
 
2,325
*
LYONS – 1996 issue
  
 
—  
 
  
 
(225
)*
   
 
—  
 
  
 
—
*
LYONS – 1998 issue
  
 
3,591
*
  
 
3,426
*
   
 
1,212
*
  
 
1,156
*
Less: Anti-dilutive items
  
 
(3,591
)
  
 
(17,195
)
   
 
(1,212
)
  
 
(5,821
)
   
 
  
 
Numerator for net income (loss) before cumulative effect of a change in accounting principle per common share – diluted
  
$
554,229
 
  
$
(778,427
)
   
$
216,534
 
  
$
(232,198
)
Numerator for cumulative effect of a change in accounting principle per common share – diluted
  
 
(16,778,526
)
  
 
—  
 
   
 
—  
 
  
 
—  
 
Numerator for net loss per common share – diluted
  
 
(16,224,297
)
  
 
(778,427
)
   
 
216,534
 
  
 
(232,198
)
                                  
Denominator:
                                 
Weighted average common shares
  
 
604,827
 
  
 
590,015
 
   
 
612,520
 
  
 
593,991
 
Effect of dilutive securities:
                                 
Stock options and common stock warrants
  
 
4,054
 
  
 
14,063
*  **
   
 
2,183
 
  
 
12,037
*  **
Convertible debt – 2.625% issued in 1998
  
 
9,023
 
  
 
9,282
*
   
 
8,515
 
  
 
9,282
*
Convertible debt – 1.5% issued in 1999
  
 
8,838
 
  
 
9,454
*
   
 
7,628
 
  
 
9,454
*
LYONS – 1996 issue
  
 
—  
 
  
 
2,324
*  **
   
 
—  
 
  
 
—
*  **
LYONS – 1998 issue
  
 
3,085
*
  
 
3,085
*
   
 
3,085
*
  
 
3,085
*
Less: Anti-dilutive items
  
 
(3,085
)
  
 
(38,208
)
   
 
(3,085
)
  
 
(33,858
)
   
 
  
 
Denominator for net income (loss) per common share – diluted
  
 
626,742
 
  
 
590,015
 
   
 
630,846
 
  
 
593,991
 
Net income (loss) per common share:
                                 
Income (loss) before cumulative effect of a change in accounting principle – Basic
  
$
.89
 
  
$
(1.32
)
   
$
.35
 
  
$
(.39
)
Cumulative effect of a change in accounting principle – Basic
  
$
(27.74
)
  
$
—  
 
   
$
—  
 
  
$
—  
 
   
 
  
 
Net income (loss) – Basic
  
$
(26.85
)
  
$
(1.32
)
   
$
.35
 
  
$
(.39
)
   
 
  
 
                                  
Income (loss) before cumulative effect of a change in accounting principle – Diluted
  
$
.88
 
  
$
(1.32
)
   
$
.34
 
  
$
(.39
)
Cumulative effect of a change in accounting principle – Diluted
  
$
(26.77
)
  
$
—  
 
   
$
—  
 
  
$
—  
 
   
 
  
 
Net income (loss) – Diluted
  
$
(25.89
)
  
$
(1.32
)
   
$
.34
 
  
$
(.39
)
   
 
  
 
*  
 
Denotes items that are anti-dilutive to the calculation of earnings per share.
**
 
Denotes items that are dilutive to the calculation of the September 30, 2001 restatement of earnings per share required upon the adoption of FAS 142.