EX-11 5 jun02ex.txt COMPUTATION OF EARNINGS PER SHARE BANKATLANTIC BANCORP, INC. 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 JUNE 30, ------------------------------- (In thousands, except share data ) 2002 2001 ------------ ------------ (As Restated) BASIC EARNINGS PER SHARE Income (loss) before extraordinary item $ (3,487) $ 8,605 Basic weighted average number of common shares outstanding 57,973,880 36,535,810 ------------ ------------ Basic earnings (loss) per share before extraordinary item $ (0.06) $ 0.24 ------------ ------------ Extraordinary item $ 23,810 $ 0 Basic weighted average number of common shares outstanding 57,973,880 36,535,810 ------------ ------------ Basic earnings per share from extraordinary item $ 0.41 $ 0.00 ------------ ------------ Net Income $ 20,323 $ 8,605 Basic weighted average number of common shares outstanding 57,973,880 36,535,810 ------------ ------------ BASIC EARNINGS PER SHARE $ 0.35 $ 0.24 ------------ ------------ Amortization of goodwill, net of tax $ 0.00 $ 978 Basic weighted average number of common shares outstanding 57,973,880 36,535,810 ------------ ------------ Basic earnings per share from amortization of goodwill $ 0.00 $ 0.03 ------------ ------------ Net income adjusted for goodwill amortization $ 20,323 $ 9,583 Basic weighted average number of common shares outstanding 57,973,880 36,535,810 ------------ ------------ BASIC EARNINGS PER SHARE ADJUSTED FOR GOODWILL AMORTIZATION $ 0.35 $ 0.27 ------------ ------------ DILUTED EARNINGS PER SHARE Income (loss) before extraordinary item $ (3,487) $ 8,605 Interest expense on convertible debentures 0.00 1,027 ------------ ------------ Income available after assumed conversion $ (3,487) $ 9,632 ------------ ------------ Basic weighted average shares outstanding 57,973,880 36,535,810 Common stock equivalents resulting from convertible debentures 0 13,064,312 Common stock equivalents resulting from restricted stock and options 0 1,675,449 ------------ ------------ Diluted weighted average shares outstanding 57,973,880 51,275,571 ------------ ------------ Diluted earnings per share before extraordinary item $ (0.06) $ 0.19 ------------ ------------ Extraordinary item $ 23,810 $ 0 Diluted weighted average shares outstanding 57,973,880 51,275,571 ------------ ------------ Diluted earnings per share from extraordinary item $ 0.41 0.00 ------------ ------------ Income available after assumed conversion $ 20,323 $ 9,632 Diluted weighted average shares outstanding 57,973,880 51,275,571 ------------ ------------ DILUTED EARNINGS PER SHARE $ 0.35 $ 0.19 ------------ ------------ Amortization of goodwill, net of tax $ 0 $ 978 Diluted weighted average shares outstanding 57,973,880 51,275,571 ------------ ------------ Diluted earnings per share from amortization of goodwill $ 0.00 $ 0.02 ------------ ------------ Income available after assumed conversion adjusted for goodwill amortization $ 20,323 $ 10,610 Diluted weighted average shares outstanding 57,973,880 51,275,571 ------------ ------------ DILUTED EARNINGS PER SHARE ADJUSTED FOR GOODWILL AMORTIZATION $ 0.35 $ 0.21 ------------ ------------
BANKATLANTIC BANCORP, INC.
FOR THE SIX MONTHS ENDED JUNE 30, ---------------------------- (In thousands, except share data ) 2002 2001 ----------- ----------- (As Restated) BASIC EARNINGS PER SHARE Income before extraordinary item and cumulative effect of a change in accounting principle $ 9,093 $ 15,430 Basic weighted average number of common shares outstanding 57,918,382 36,519,091 Basic earnings per share before extraordinary item and ----------- ----------- cumulative effect of a change in accounting principle $ 0.16 $ 0.42 ----------- ----------- Extraordinary item $ 23,810 $ 0 Basic weighted average number of common shares outstanding 57,918,382 36,519,091 ----------- ----------- Basic earnings per share from extraordinary item $ 0.41 $ 0.00 ----------- ----------- Cumulative effect of a change in accounting principle $ 0 $ 1,138 Basic weighted average number of common shares outstanding 57,918,382 36,519,091 Basic earnings per share from cumulative effect of a change ----------- ----------- in accounting principle $ 0.00 $ 0.03 ----------- ----------- Net Income $ 32,903 $ 16,568 Basic weighted average number of common shares outstanding 57,918,382 36,519,091 ----------- ----------- BASIC EARNINGS PER SHARE $ 0.57 $ 0.45 ----------- ----------- Amortization of goodwill, net of tax $ 0 $ 1,969 Basic weighted average number of common shares outstanding 57,918,382 36,519,091 ----------- ----------- Basic earnings per share from amortization of goodwill $ 0.00 $ 0.05 ----------- ----------- Net income adjusted for goodwill amortization $ 32,903 $ 18,537 Basic weighted average number of common shares outstanding 57,918,382 36,519,091 ----------- ----------- BASIC EARNINGS PER SHARE ADJUSTED FOR GOODWILL AMORTIZATION $ 0.57 $ 0.50 ----------- ----------- DILUTED EARNINGS PER SHARE Income before extraordinary item and cumulative effect of a change in accounting principle $ 9,093 $ 15,430 Interest expense on convertible debentures 0 2,052 ----------- ----------- Income available after assumed conversion $ 9,093 $ 17,482 ----------- ----------- Basic weighted average shares outstanding 57,918,382 36,519,091 Common stock equivalents resulting from convertible debentures 0 13,065,213 Common stock equivalents resulting from restricted stock and options 2,968,980 1,324,698 ----------- ----------- Diluted weighted average shares outstanding 60,887,362 50,909,002 ----------- ----------- Diluted earnings per share before extraordinary item and cumulative effect of a change in accounting principle $ 0.16 $ 0.34 ----------- ----------- Extraordinary item $ 23,810 $ 0 Diluted weighted average shares outstanding 60,887,362 50,909,002 ----------- ----------- Diluted earnings per share from extraordinary item 0.39 0.00 ----------- ----------- Cumulative effect of a change in accounting principle 0 $ 1,138 Diluted weighted average shares outstanding 60,887,362 50,909,002 Diluted earnings per share from cumulative effect of a change ----------- ----------- in accounting principle $ 0.00 $ 0.03 ----------- ----------- Income available after assumed conversion $ 32,903 $ 18,620 Diluted weighted average shares outstanding 60,887,362 50,909,002 ----------- ----------- DILUTED EARNINGS PER SHARE $ 0.54 $ 0.37 ----------- ----------- Amortization of goodwill, net of tax $ 0 $ 1,969 Diluted weighted average shares outstanding 60,887,362 50,909,002 ----------- ----------- Diluted earnings per share from amortization of goodwill $ 0.00 $ 0.04 ----------- ----------- Income available after assumed conversion adjusted for goodwill amortization $ 32,903 $ 20,589 Diluted weighted average shares outstanding 60,887,362 50,909,002 ----------- ----------- DILUTED EARNINGS PER SHARE ADJUSTED FOR GOODWILL AMORTIZATION $ 0.54 $ 0.41 ----------- -----------