EX-11 2 l20138aexv11.htm EX-11 COMPUTATION OF PER SHARE EARNINGS EX-11
 

Exhibit 11 — COMPUTATION OF PER SHARE EARNINGS
(Thousands of dollars, except per share data)
                 
    Three Months Ended Mar 31  
    2006     2005  
BASIC
                
Average shares outstanding
     92,942,082       90,804,936  
Net Income
   $ 65,940     $ 58,235  
 
                
Per share amount
   $ 0.71     $ 0.64  
 
            
 
                
DILUTED
                
Average shares outstanding
     92,942,082       90,804,936  
 
                
Effect of dilutive securities based on the treasury stock method using the average market price if higher than the exercise price
     1,068,401       1,066,427  
 
            
 
     94,010,483       91,871,363  
 
                
Net income
   $ 65,940     $ 58,235  
 
                
Per share amount
   $ 0.70     $ 0.63  
 
            
The antidilutive stock options outstanding were 563,200 and 686,125 at March 31, 2006 and 2005, respectively.