EX-11 5 g85787exv11.txt EX-11 COMPUTATION OF PER SHARE EARNINGS . . . 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 SEPTEMBER 30, ---------------------------------- (In thousands, except share data ) 2003 2002 ---------------- --------------- BASIC EARNINGS PER SHARE Income (loss) from continuing operations $ 18,202 $ 13,674 Basic weighted average number of common shares outstanding 58,646,254 58,065,396 ---------------- --------------- Basic earnings per share from continuing operations $ 0.31 $ 0.24 ---------------- --------------- Discontinued operations $ 306 $ 860 Basic weighted average number of common shares outstanding 58,646,254 58,065,396 ---------------- --------------- Basic earnings per share from continuing operations $ 0.01 $ 0.01 ---------------- --------------- Extraordinary item $ - $ (61) Basic weighted average number of common shares outstanding 58,646,254 58,065,396 ---------------- --------------- Basic earnings per share from continuing operations $ - $ (0.00) ---------------- --------------- Net income $ 18,508 $ 14,473 Basic weighted average number of common shares outstanding 58,646,254 58,065,396 ---------------- --------------- BASIC EARNINGS PER SHARE $ 0.32 $ 0.25 ================ =============== DILUTED EARNINGS PER SHARE Income from continuing operations $ 18,202 $ 13,674 Subsidiary stock options (392) - Interest expense on convertible debentures - 440 ---------------- --------------- Income available after assumed conversion $ 17,810 $ 14,114 ---------------- --------------- Basic weighted average shares outstanding 58,646,254 58,065,396 Common stock equivalents resulting from convertible debentures - 4,092,622 Common stock equivalents resulting from restricted stock and options 2,697,692 2,162,430 ---------------- --------------- Diluted weighted average shares outstanding 61,343,946 64,320,448 ---------------- --------------- Diluted earnings per share from continuing operations $ 0.29 $ 0.22 ---------------- --------------- Discontinued operations $ 306 $ 860 Diluted weighted average shares outstanding 61,343,946 64,320,448 ---------------- --------------- Diluted earnings per share from discontinued operations $ 0.01 $ 0.01 ---------------- --------------- Extraordinary item $ - $ (61) Diluted weighted average shares outstanding 61,343,946 64,320,448 ---------------- --------------- Diluted earnings per share from extraordinary item $ - (0.00) ---------------- --------------- Income available after assumed conversion $ 18,116 $ 14,913 Diluted weighted average shares outstanding 61,343,946 64,320,448 ---------------- --------------- DILUTED EARNINGS PER SHARE $ 0.30 $ 0.23 ================ ===============
Exhibit 11 EARNINGS PER SHARE The following reconciles the numerators and denominators of the basic and diluted earnings per share.
FOR THE NINE MONTHS ENDED SEPTEMBER 30, ---------------------------------- (In thousands, except share data ) 2003 2002 ---------------- --------------- BASIC EARNINGS PER SHARE Income from continuing operations $ 48,932 $ 22,078 Basic weighted average number of common shares outstanding 58,381,370 57,967,925 ---------------- --------------- Basic earnings per share from continuing operations $ 0.84 $ 0.38 ---------------- --------------- Discontinued operations $ 1,143 $ 1,549 Basic weighted average number of common shares outstanding 58,381,370 57,967,925 ---------------- --------------- Basic earnings per share from continuing operations $ 0.02 $ 0.03 ---------------- --------------- Extraordinary item $ - $ 23,749 Basic weighted average number of common shares outstanding 58,381,370 57,967,925 ---------------- --------------- Basic earnings per share from extraordinary item $ - $ 0.41 ---------------- --------------- Cumulative effect of a change in accounting principle $ - $ (15,107) Basic weighted average number of common shares outstanding 58,381,370 57,967,925 ---------------- --------------- Basic loss per share from cumulative effect of a change in accounting principle $ - $ (0.26) ---------------- --------------- Net income $ 50,075 $ 32,269 Basic weighted average number of common shares outstanding 58,381,370 57,967,925 ---------------- --------------- BASIC EARNINGS PER SHARE $ 0.86 $ 0.56 ================ =============== DILUTED EARNINGS PER SHARE Income from continuing operations $ 48,932 $ 22,078 Subsidiary stock options (908) - Interest expense on convertible debentures 569 1,320 ---------------- --------------- Income available after assumed conversion $ 48,593 $ 23,398 ---------------- --------------- Basic weighted average shares outstanding 58,381,370 57,967,925 Common stock equivalents resulting from convertible debentures 1,753,706 4,092,826 Common stock equivalents resulting from restricted stock and options 2,340,783 2,389,443 ---------------- --------------- Diluted weighted average shares outstanding 62,475,859 64,450,194 ---------------- --------------- Diluted earnings per share from continuing operations $ 0.78 $ 0.36 ---------------- --------------- Discontinued operations $ 1,143 $ 1,549 Basic weighted average number of common shares outstanding 62,475,859 64,450,194 ---------------- --------------- Basic earnings per share from continuing operations $ 0.02 $ 0.02 ---------------- --------------- Extraordinary item $ - $ 23,749 Diluted weighted average shares outstanding 62,475,859 64,450,194 ---------------- --------------- Diluted earnings per share from extraordinary item $ 0.00 $ 0.37 ---------------- --------------- Cumulative effect of a change in accounting principle $ - $ (15,107) Diluted weighted average shares outstanding 62,475,859 64,450,194 ---------------- --------------- Diluted earnings (loss) per share from cumulative effect of a change in accounting principle $ 0.00 $ (0.23) ---------------- --------------- Income available after assumed conversion $ 49,736 $ 33,589 Diluted weighted average shares outstanding 62,475,859 64,450,194 ---------------- --------------- DILUTED EARNINGS PER SHARE $ 0.80 $ 0.52 ================ ===============