EX-11 2 d33838exv11.htm STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS exv11
 

EXHIBIT 11 — Computation of Per Share Earnings
(In thousands, except per share data)
                         
    2005     2004     2003  
NUMERATOR:
                       
Income before discontinued operations and cumulative effect of a change in accounting principle
  $ 635,145     $ 796,792     $ 1,030,896  
Income from discontinued operations, net
    300,517       49,007       114,695  
Cumulative effect of a change in accounting principle
          (4,883,968 )      
 
                 
Net income (loss)
    935,662       (4,038,169 )     1,145,591  
 
                       
Effect of dilutive securities:
                       
Convertible debt — 2.625% issued in 1998
                2,106  
LYONS — 1998 issue
                1,446  
 
                 
Numerator for net income before cumulative effect of a change in accounting principle per common share — diluted
    935,662       845,799       1,149,143  
Numerator for cumulative effect of a change in accounting principle per common share - diluted
          (4,883,968 )      
 
                 
Numerator for net income (loss) per common share — diluted
  $ 935,662     $ (4,038,169 )   $ 1,149,143  
 
                 
 
                       
DENOMINATOR:
                       
Weighted average common shares
    545,848       596,126       614,651  
 
                       
Effect of dilutive securities:
                       
Stock options and common stock warrants
    1,303       2,149       3,167  
Convertible debt — 2.625% issued in 1998
                2,060  
LYONS — 1998 issue
                892  
 
                 
Denominator for net income (loss) per common share — diluted
    547,151       598,275       620,770  
 
                 
 
                       
Net income (loss) per common share:
                       
Income before discontinued operations and cumulative effect of a change in accounting principle — Basic
  $ 1.16     $ 1.34     $ 1.68  
Discontinued operations — Basic
    .55       .08       .18  
Cumulative effect of a change in accounting principle — Basic
          (8.19 )      
 
                 
Net income (loss) — Basic
  $ 1.71     $ (6.77 )   $ 1.86  
 
                 
 
                       
Income before cumulative effect of a change in accounting principle — Diluted
  $ 1.16     $ 1.33     $ 1.67  
Discontinued operations — Diluted
    .55       .08       .18  
Cumulative effect of a change in accounting principle — Diluted
          (8.16 )      
 
                 
Net income (loss) — Diluted
  $ 1.71     $ (6.75 )   $ 1.85  
 
                 
 
*   Denotes items that are anti-dilutive to the calculation of earnings per share.