EX-11.1 7 k74351exv11w1.txt COMPUTATION OF NET INCOME PER SHARE . . . 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, 2002 December 31, 2001 December 31, 2000 --------------------------- --------------------------- --------------------------- Basic Diluted Basic Diluted Basic Diluted ------------ ------------ ------------ ------------ ------------ ------------ Income before cumulative effect of a change in accounting principle $ 311.5 $ 311.5 $ 26.3 $ 26.3 $ 274.7 $ 274.7 Cumulative effect of a change in accounting principle 298.5 298.5 -- -- -- -- ------------ ------------ ------------ ------------ ------------ ------------ Net income $ 13.0 $ 13.0 $ 26.3 $ 26.3 $ 274.7 $ 274.7 ============ ============ ============ ============ ============ ============ Weighted average shares: Common shares outstanding 65,365,218 65,365,218 63,977,391 63,977,391 65,176,499 65,176,499 Exercise of stock options(1) -- 1,691,921 -- 1,327,643 -- 664,465 Exercise of warrants(2) -- -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ ------------ Common and equivalent shares outstanding 65,365,218 67,057,139 63,977,391 65,305,034 65,176,499 65,840,964 ============ ============ ============ ============ ============ ============ Per common and equivalent share: Income before cumulative effect of a change in accounting principle $ 4.77 $ 4.65 $ 0.41 $ 0.40 $ 4.21 $ 4.17 Cumulative effect of a change in accounting principle 4.57 4.46 -- -- -- -- ------------ ------------ ------------ ------------ ------------ ------------ Net income $ 0.20 $ 0.19 $ 0.41 $ 0.40 $ 4.21 $ 4.17 ============ ============ ============ ============ ============ ============ For the Year Ended For the Year Ended December 31, 1999 December 31, 1998 --------------------------- --------------------------- Basic Diluted Basic Diluted ------------ ------------ ------------ ------------ Income before cumulative effect of a change in accounting principle $ 257.1 $ 257.1 $ 115.5 $ 115.5 Cumulative effect of a change in accounting principle -- -- -- -- ------------ ------------ ------------ ------------ Net income $ 257.1 $ 257.1 $ 115.5 $ 115.5 ============ ============ ============ ============ Weighted average shares: Common shares outstanding 66,922,844 66,922,844 66,947,135 66,947,135 Exercise of stock options(1) -- 820,308 -- 1,076,240 Exercise of warrants(2) -- -- -- -- ------------ ------------ ------------ ------------ Common and equivalent shares outstanding 66,922,844 67,743,152 66,947,135 68,023,375 ============ ============ ============ ============ Per common and equivalent share: Income before cumulative effect of a change in accounting principle $ 3.84 $ 3.80 $ 1.73 $ 1.70 Cumulative effect of a change in accounting principle -- -- -- -- ------------ ------------ ------------ ------------ Net income $ 3.84 $ 3.80 $ 1.73 $ 1.70 ============ ============ ============ ============
---------- (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.