STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
Published on March 1, 2007
EXHIBIT 11 Computation of Per Share Earnings
| (In thousands, except per share data) | 2006 | 2005 | 2004 | |||||||||
NUMERATOR: |
||||||||||||
Income before cumulative effect of a change
in accounting principle |
$ | 153,072 | $ | 61,573 | $ | 7,478 | ||||||
Cumulative effect of a change in accounting
principle |
| | (162,858 | ) | ||||||||
Net income (loss) |
153,072 | 61,573 | (155,380 | ) | ||||||||
Effect of dilutive securities: |
||||||||||||
None |
| | | |||||||||
Numerator for net income (loss) per common
share diluted |
$ | 153,072 | $ | 61,573 | $ | (155,380 | ) | |||||
DENOMINATOR: |
||||||||||||
Weighted average common shares |
352,155 | 319,890 | 315,000 | |||||||||
Effect of dilutive securities: |
||||||||||||
Stock options and restricted stock awards |
107 | 31 | | |||||||||
Denominator for net income (loss) per
common share diluted |
352,262 | 319,921 | 315,000 | |||||||||
Net income (loss) per common share: |
||||||||||||
Income before cumulative effect of a change
in accounting principle Basic |
$ | .43 | $ | .19 | $ | .02 | ||||||
Cumulative effect of a change in accounting
principle Basic |
| | (.52 | ) | ||||||||
Net income (loss) Basic |
$ | .43 | $ | .19 | $ | (.50 | ) | |||||
Income before cumulative effect of a change
in accounting principle Diluted |
$ | .43 | $ | .19 | $ | .02 | ||||||
Cumulative effect of a change in accounting
principle Diluted |
| | (.52 | ) | ||||||||
Net income (loss) Diluted |
$ | .43 | $ | .19 | $ | (.50 | ) | |||||