EX-11.1 10 k82537exv11w1.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, 2003 December 31, 2002 December 31, 2001 ------------------------ ------------------------ ------------------------ Basic Diluted Basic Diluted Basic Diluted ---------- ---------- ---------- ---------- ---------- ---------- Income before cumulative effect of a change in accounting principle $ 380.5 $ 380.5 $ 311.5 $ 311.5 $ 26.3 $ 26.3 Cumlative effect of a change in accounting principle, net of tax - 298.5 298.5 - - ---------- ---------- ---------- ---------- ---------- ---------- Net income $ 380.5 $ 380.5 $ 13.0 $ 13.0 $ 26.3 $ 26.3 ========== ========== ========== ========== ========== ========== Weighted average shares: Common shares outstanding 66,689,757 66,689,757 65,365,218 65,365,218 63,977,391 63,977,391 Exercise of stock options (1) - 1,843,755 - 1,691,921 - 1,327,643 Exercise of warrants (2) - - - - - - ---------- ---------- ---------- ---------- ---------- ---------- Common and equivalent shares outstanding 66,689,757 68,533,512 65,365,218 67,057,139 63,977,391 65,305,034 ========== ========== ========== ========== ========== ========== Per common and equivalent share: Income before cumulative effect of a change in accounting principle $ 5.71 $ 5.55 $ 4.77 $ 4.65 $ 0.41 $ 0.40 Cumulative effect of a change in accounting principle - - 4.57 4.46 - - ---------- ---------- ---------- ---------- ---------- ---------- Net income $ 5.71 $ 5.55 $ 0.20 $ 0.19 $ 0.41 $ 0.40 ========== ========== ========== ========== ========== ==========
For the Year Ended For the Year Ended December 31, 2000 December 31, 1999 ------------------------ ------------------------- Basic Diluted Basic Diluted ---------- ---------- ---------- ---------- Income before cumulative effect of a change in accounting principle $ 274.7 $ 274.7 $ 257.1 $ 257.1 Cumlative effect of a change in accounting principle, net of tax - - - - ---------- ---------- ---------- ---------- Net income $ 274.7 $ 274.7 $ 257.1 $ 257.1 ========== ========== ========== ========== Weighted average shares: Common shares outstanding 65,176,499 65,176,499 66,922,844 66,922,844 Exercise of stock options (1) - 664,465 - 820,308 Exercise of warrants (2) - - - - ---------- ---------- ---------- ---------- Common and equivalent shares outstanding 65,176,499 65,840,964 66,922,844 67,743,152 ========== ========== ========== ========== Per common and equivalent share: Income before cumulative effect of a change in accounting principle $ 4.21 $ 4.17 $ 3.84 $ 3.80 Cumulative effect of a change in accounting principle - - - - ---------- ---------- ---------- ---------- Net income $ 4.21 $ 4.17 $ 3.84 $ 3.80 ========== ========== ========== ==========
---------------------------------- (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.