Exhibit 11 Computation of Per Share Earnings
December 31, December 31, December 31,
1999 1998 1997
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Basic:
Net earnings before extraordinary item $66,695 $43,592 $21,882
Extraordinary item, net of tax 0 (3,326) 0
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Net earnings 66,695 40,266 21,882
Adjustment for dividends on convertible
preferred shares (831) (1,000) (1,630)
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Net earnings applicable to common stockholders $65,864 $39,266 $20,252
Weighted average common shares outstanding 14,678,925 14,709,404 15,227,829
Net earnings per share before
extraordinary item $4.49 $2.90 $1.33
Extraordinary item 0.00 (0.23) 0.00
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Net earnings per share $4.49 $2.67 $1.33
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Diluted:
Net earnings before extraordinary item $66,695 $43,592 $21,882
Extraordinary item, net of tax 0 (3,326) 0
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Net earnings 66,695 40,266 21,882
Adjustment for dividends on convertible
preferred shares 0 0 (1,630)
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Net earnings applicable to common stockholders $66,695 $40,266 $20,252
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Weighted average common shares outstanding 14,678,925 14,709,404 15,227,829
Common stock equivalents:
Stock options 292,580 316,640 69,577
Equity Incentive plan 149,622 113,894 107,661
Convertible preferred stock (1) 384,255 463,374 0
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Total 15,505,382 15,603,312 15,405,067
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Net earnings per share before
extraordinary item $4.30 $2.79 $1.32
Extraordinary item 0.00 (0.21) 0.00
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Net earnings per share $4.30 $2.58 $1.32
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(1) The assumed conversion of preferred shares was dilutive for the years ended
December 31, 1999 and 1998. For the year ending December 31, 1997 the net
earnings was adjusted for dividends on convertible preferred shares as the
adjustment for incremental dividends related to the assumed conversion of
convertible preferred shares would be anti-dilutive.
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