STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Published on March 31, 2006
EXHIBIT 11 Computation of Per Share Earnings
| (In thousands, except per share data) | 2005 | 2004 | 2003 | |||||||||
NUMERATOR: |
||||||||||||
Income (loss) before cumulative effect of a change
in accounting principle |
$ | 61,573 | $ | 7,478 | $ | (34,993 | ) | |||||
Cumulative effect of a change in accounting principle |
¾ | (162,858 | ) | ¾ | ||||||||
Net income (loss) |
61,573 | (155,380 | ) | (34,993 | ) | |||||||
Effect of dilutive securities: |
||||||||||||
None |
¾ | ¾ | ¾ | |||||||||
Numerator for net income (loss) per common share -
diluted |
$ | 61,573 | $ | (155,380 | ) | $ | (34,993 | ) | ||||
DENOMINATOR: |
||||||||||||
Weighted average common shares |
319,890 | 315,000 | 315,000 | |||||||||
Effect of dilutive securities: |
||||||||||||
Stock options and restricted stock awards |
31 | ¾ | ¾ | |||||||||
Denominator for net income (loss) per common share -
diluted |
319,921 | 315,000 | 315,000 | |||||||||
Net income (loss) per common share: |
||||||||||||
Income before cumulative effect of a change in
accounting principle Basic |
$ | .19 | $ | .02 | $ | (.11 | ) | |||||
Cumulative effect of a change in accounting
principle Basic |
¾ | (.52 | ) | ¾ | ||||||||
Net income (loss) Basic |
$ | .19 | $ | (.50 | ) | $ | (.11 | ) | ||||
Income before cumulative effect of a change in
accounting principle Diluted |
$ | .19 | $ | .02 | $ | (.11 | ) | |||||
Cumulative effect of a change in accounting
principle Diluted |
¾ | (.52 | ) | ¾ | ||||||||
Net income (loss) Diluted |
$ | .19 | $ | (.50 | ) | $ | (.11 | ) | ||||