EX-11.1 12 k23879exv11w1.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, 2007 December 31, 2006 December 31, 2005 ------------------------------ ------------------------------- ------------------------------- Basic Diluted Basic Diluted Basic Diluted -------------- -------------- -------------- -------------- -------------- -------------- Income (loss) before cumulative effect of a change in accounting principle $ 241.5 $ 241.5 $ (710.4) $ (710.4) $ (1,381.5) $ (1,381.5) After-tax interest expense on convertible debt - - - - - - -------------- -------------- -------------- -------------- -------------- -------------- Income (loss) before cumulative effect of a change in accounting principle, for diluted net income (loss) per share 241.5 241.5 (710.4) (710.4) (1,381.5) (1,381.5) Cumulative effect of a change in accounting principle, net of tax - - 2.9 2.9 - - -------------- -------------- -------------- -------------- -------------- -------------- Net income (loss), for diluted net income (loss) per share $ 241.5 $ 241.5 $ (707.5) $ (707.5) $ (1,381.5) $ (1,381.5) ============== ============== ============== ============== ============== ============== Weighted average shares: Common shares outstanding 76,826,765 76,826,765 68,607,262 68,607,262 67,166,668 67,166,668 Exercise of common stock equivalents (1) - 1,387,483 - - - - Exercise of warrants (2) - - - - - - Shares issuable upon conversion of convertible debt (3) - - - - - - -------------- -------------- -------------- -------------- -------------- -------------- Common and equivalent shares outstanding 76,826,765 78,214,248 68,607,262 68,607,262 67,166,668 67,166,668 ============== ============== ============== ============== ============== ============== Per common and equivalent share: Income (loss) before cumulative effect of a change in accounting principle $ 3.14 $ 3.09 $ (10.35) $ (10.35) $ (20.57) $ (20.57) Cumulative effect of a change in accounting principle - - 0.04 0.04 - - -------------- -------------- -------------- -------------- -------------- -------------- Net income (loss) $ 3.14 $ 3.09 $ (10.31) $ (10.31) $ (20.57) $ (20.57) ============== ============== ============== ============== ============== ============== For the Year Ended For the Year Ended December 31, 2004 December 31, 2003 ------------------------------ ------------------------------ Basic Diluted Basic Diluted -------------- -------------- -------------- -------------- Income (loss) before cumulative effect of a change in accounting principle $ 422.2 $ 422.2 $ 380.5 $ 380.5 After-tax interest expense on convertible debt - 9.3 - 9.0 -------------- -------------- -------------- -------------- Income (loss) before cumulative effect of a change in accounting principle, for diluted net income (loss) per share 422.2 431.5 380.5 389.5 Cumulative effect of a change in accounting principle, net of tax - - - - -------------- -------------- -------------- -------------- Net income (loss), for diluted net income (loss) per share $ 422.2 $ 431.5 $ 380.5 $ 389.5 ============== ============== ============== ============== Weighted average shares: Common shares outstanding 68,278,858 68,278,858 66,689,757 66,689,757 Exercise of common stock equivalents (1) - 1,635,349 - 1,843,755 Exercise of warrants (2) - - - - Shares issuable upon conversion of convertible debt (3) - 4,813,056 - 4,813,056 -------------- -------------- -------------- -------------- Common and equivalent shares outstanding 68,278,858 74,727,263 66,689,757 73,346,568 ============== ============== ============== ============== Per common and equivalent share: Income (loss) before cumulative effect of a change in accounting principle $ 6.18 $ 5.77 $ 5.71 $ 5.31 Cumulative effect of a change in accounting principle - - - - -------------- -------------- -------------- -------------- Net income (loss) $ 6.18 $ 5.77 $ 5.71 $ 5.31 ============== ============== ============== ==============
-------------- (1) Amount represents the number of common shares issued assuming the exercise of dilutive common stock equivalents, including stock options, restricted stock units, performance units and stock appreciation rights, reduced by the number of shares which could have been purchased with the proceeds from the exercise of such common stock equivalents. (2) Amount represents the number of common shares issued assuming exercise of warrants outstanding. (3) Amount represents the number of common shares issued assuming the conversion of convertible debt outstanding.