EX-11 2 exhibit11.txt EXHIBIT 11 Earnings Per Share The following reconciles the numerators and denominators of the basic and diluted earnings per share.
For the Three Months ended For the Three Months ended (in thousands, except share data and March 31, 2001 March 31, 2000 ------------------------------------- ------------------------------------------ percentages) Class A Class B Total Class A Class B Total --------------- ----------- --------- --------------- --------------- --------- Basic Numerator Actual dividends declared $ 801 $ 112 $ 913 $ - $ - $ - Basic allocation of undistributed earnings from income before extraordinary item and cumulative effect of a change in accounting principle 5,986 839 6,825 2,853 828 3,681 Income before extraordinary item and cumulative effect of a change in --------------- ----------- --------- --------------- --------------- --------- accounting principle 6,787 951 7,738 2,853 828 3,681 Income from extraordinary item - - - 2,686 780 3,466 Cumulative effect of a change in accounting principle, net of tax 998 140 1,138 - - - --------------- ----------- --------- --------------- --------------- --------- Net income $ 7,785 $ 1,091 $ 8,876 $ 5,539 $ 1,608 $ 7,147 =============== =========== ========= =============== =============== ========= Basic Denominator Weighted average shares outstanding 31,626,248 4,876,124 31,499,608 10,058,228 =============== =========== =============== =============== Allocation percentage 87.71 % 12.29 % 77.50 % 22.50 % =============== =========== =============== ============== Basic earnings per share $ 0.22 $ 0.20 $ 0.18 $ 0.16 =============== =========== =============== =============== Diluted Numerator Actual dividends declared $ 801 $ 112 $ 913 $ - $ - $ - --------------- ----------- --------- --------------- --------------- --------- Basic allocation of undistributed earnings from income before extraordinary item and cumulative effect of a change in accounting principle 5,986 839 6,825 2,853 828 3,681 Reallocation of basic undistributed earnings due to change in allocation percentage 235 (235) 0 221 (221) - Diluted allocated undistributed earnings from income before extraordinary item and cumulative effect of a change in --------------- ----------- --------- --------------- --------------- --------- accounting principle 6,221 604 6,825 3,074 607 3,681 Interest expense on convertible debt 936 91 1,027 1,171 231 1,402 --------------- ----------- --------- --------------- --------------- --------- Dilutive income before extraordinary item and cumulative effect of a change in accounting principle 7,157 695 7,852 4,245 838 5,083 Dilutive income from extraordinary item - - - 2,894 572 3,466 Cumulative effect of a change in accounting principle, net of tax 1,037 101 1,138 - - - --------------- ----------- --------- --------------- --------------- --------- Net income $ 8,194 $ 796 $ 8,990 $ 7,139 $ 1,410 $ 8,549 =============== =========== ========= =============== =============== ========= Diluted Denominator Basic weighted average shares Outstanding 31,626,248 4,876,124 31,499,608 10,058,228 Convertible debentures 13,066,115 - 17,081,483 - Options 1,003,256 - 4,961 493,062 --------------- ----------- --------------- --------------- Diluted weighted average shares outstanding 45,695,619 4,876,124 48,586,052 10,551,290 =============== =========== =============== =============== Allocation percentage 91.16 % 8.84 % 83.51 % 16.49 % =============== =========== =============== =============== Diluted earnings per share $ 0.18 $ 0.17 $ 0.15 $ 0.13 =============== =========== =============== ===============