EX-11.1 2 k60499ex11-1.htm COMPUTATION OF NET INCOME PER SHARE ex11-1

Exhibit 11.1

COMPUTATION OF NET INCOME PER SHARE
(In millions, except share information)

                                                   
For the Year Ended For the Year Ended For the Year Ended
December 31, 2000 December 31, 1999 December 31, 1998



Basic Diluted Basic Diluted Basic Diluted






Income before
   extraordinary items
$ 274.7 $ 274.7 $ 257.1 $ 257.1 $ 115.5 $ 115.5
Extraordinary items






Net income
$ 274.7 $ 274.7 $ 257.1 $ 257.1 $ 115.5 $ 115.5






Weighted average shares:
Common shares outstanding
65,176,499 65,176,499 66,922,844 66,922,844 66,947,135 66,947,135
Exercise of stock options (1)
664,465 820,308 1,076,240
Exercise of warrants (2)






Common and equivalent shares outstanding
65,176,499 65,840,964 66,922,844 67,743,152 66,947,135 68,023,375






Per common and equivalent share:
Income before extraordinary items
$ 4.21 $ 4.17 $ 3.84 $ 3.80 $ 1.73 $ 1.70
Extraordinary items






Net income
$ 4.21 $ 4.17 $ 3.84 $ 3.80 $ 1.73 $ 1.70






[Additional columns below]

[Continued from above table, first column(s) repeated]

                                     
For the Year Ended For the Year Ended
December 31, 1997 December 31, 1996


Basic Diluted Basic Diluted




Income before
extraordinary items
$ 208.2 $ 208.2 $ 151.9 $ 151.9
Extraordinary items
(1.0 ) (1.0 )




Net income
$ 207.2 $ 207.2 $ 151.9 $ 151.9




Weighted average shares:
Common shares outstanding
66,304,770 66,304,770 60,485,696 60,485,696
Exercise of stock options (1)
1,943,313 3,275,938
Exercise of warrants (2)




Common and equivalent shares
   outstanding
66,304,770 68,248,083 60,485,696 63,761,634




Per common and equivalent share:
Income before
extraordinary items
$ 3.14 $ 3.05 $ 2.51 $ 2.38
Extraordinary items
(0.01 ) (0.01 )




Net income
$ 3.13 $ 3.04 $ 2.51 $ 2.38





(1)   Amount represents the number of common shares issued assuming exercise of stock options outstanding, reduced by the number of shares which could have been purchased with the proceeds from the exercise of such options.
(2)   Amount represents the number of common shares issued assuming exercise of warrants outstanding.

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