EX-11 3 d05406exv11.htm EX-11 COMPUTATION OF PER SHARE EARNINGS exv11
 

EXHIBIT 11 — COMPUTATION OF EARNINGS PER SHARE

In thousands of dollars, except per share data

                     
        Three Months Ended March 31,  
       
 
        2003     2002  
       
   
 
Numerator:
               
 
Income before cumulative effect of a change in accounting principle
  $ 71,046     $ 90,329  
 
Cumulative effect of a change in accounting principle
          (16,778,526 )
 
 
 
   
 
 
Net income (loss)
    71,046       (16,688,197 )
 
               
 
Effect of dilutive securities:
               
   
Convertible debt – 2.625% issued in 1998
    2,106  *     2,339  *
   
Convertible debt – 1.5% issued in 1999
          2,325  *
   
LYONS – 1998 issue
    1,216  *     1,184  *
   
Less: Anti-dilutive items
    (3,322 )     (5,848 )
 
 
 
   
 
Numerator for net income before cumulative effect of a change in accounting principle per common share – diluted
    71,046       90,329  
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
  $ 71,046     $ (16,688,197 )
 
               
Denominator:
               
 
Weighted average common shares
    613,557       599,195  
 
               
 
Effect of dilutive securities:
               
   
Stock options and common stock warrants
    2,960       4,963  
   
Convertible debt – 2.625% issued in 1998
    8,355  *     9,282  *
   
Convertible debt – 1.5% issued in 1999
          9,454  *
   
LYONS – 1998 issue
    3,046  *     3,085  *
   
Less: Anti-dilutive items
    (11,401 )     (21,821 )
 
 
 
   
 
Denominator for net income (loss) per common share – diluted
    616,517       604,158  
 
               
Net income (loss) per common share:
               
 
Basic:
               
   
Income before cumulative effect of a change in accounting principle
  $ .12     $ .15  
   
Cumulative effect of a change in accounting principle
          (28.00 )
 
 
 
   
 
   
Net income (loss)
  $ .12     $ (27.85 )
 
 
 
   
 
 
               
 
Diluted:
               
   
Income before cumulative effect of a change in accounting principle
  $ .12     $ .15  
   
Cumulative effect of a change in accounting principle
          (27.76 )
 
 
 
   
 
   
Net income (loss)
  $ .12     $ (27.61 )
 
 
 
   
 

*   Denotes items that are anti-dilutive to the calculation of earnings per share.