EX-11 5 exhb112.txt EARNINGS PER SHARE Exhibit 11.1 Computation of Earnings (Loss) Per Common Share
(In thousands, except per share data) Quarter Ended Six Months Ended ---------------------------------------------------------------------------------------------------- ------------------------ June 30, July 1, June 30, July 1, 2002 2001 2002 2001 ---------------------------------------------------------------------------------------------------- ------------------------ Average number of common shares used in basic calculation 30,110 28,625 29,560 28,455 Net additional shares issuable pursuant to employee stock option plans at period-end market price 988 - * 895 - * Shares issuable on assumed conversion of convertible preferred securities 3,207 - * - * - * ---------------------------------------------------------------------------------------------------- ------------------------ Average number of common shares used in diluted calculation 34,305 28,625 30,455 28,455 ==================================================================================================== ======================== Net earnings (loss) from continuing operations $ 15,002 (8,759) 9,150 (12,380) Net earnings (loss) from discontinued operations (406) 3,910 (272) 6,486 ---------------------------------------------------------------------------------------------------- ------------------------ Net earnings (loss) 14,596 (4,849) 8,878 (5,894) Distribution savings on assumed conversion of convertible preferred securities, net of income taxes 728 - * - * - * ---------------------------------------------------------------------------------------------------- ------------------------ Net earnings (loss) for computation of diluted earnings per common share $ 15,324 (4,849) 8,878 (5,894) ==================================================================================================== ======================== Basic earnings (loss) per common share from continuing operations 0.49 (0.31) 0.31 (0.44) Basic earnings (loss) per common share from discontinued operations (0.01) 0.14 (0.01) 0.23 ---------------------------------------------------------------------------------------------------- ------------------------ Basic earnings (loss) per common share $ 0.48 (0.17) 0.30 (0.21) ==================================================================================================== ======================== Diluted earnings (loss) per common share from continuing operations 0.46 (0.31)* 0.30 (0.44)* Diluted earnings (loss per common share from discontinued operations (0.01) 0.14 (0.01) 0.23 ---------------------------------------------------------------------------------------------------- ------------------------ Diluted earnings (loss) per common share $ 0.45 (0.17) 0.29 (0.21) ==================================================================================================== ========================
* Inclusion of shares issuable pursuant to employee stock option plans and the shares related to the convertible preferred securities results in an increase to earnings (loss) per share ("EPS") in both the quarter and six months ended July 1, 2001. For the six months ended June 30, 2002, inclusion of shares issuable related to the convertible preferred securities results in an increase to EPS. As such shares are antidilutive, they have been excluded from the computation of diluted EPS.