EXHIBIT 11 COMPUTATION OF EARNINGS PER SHARE
In thousands of dollars, except per share data
Six months ended
June 30,
2000 1999
Numerator:
Net income (loss) $ (8,167) $93,764
Effect of dilutive securities:
Xxxxx put/call option agreement -- (2,334)
Convertible debt -- 2.625% issued in 1998 4,905 * 5,687
Convertible debt -- 1.5% issued in 1999 4,875 * --
XXXXX -- 1996 issue (241)* --
XXXXX -- 1998 issue 2,271 * --
Less: Anti-dilutive items (11,810) -
Numerator for net income (loss) per
common share - diluted $ (8,167) $ 97,117
Denominator:
Weighted average common shares 338,871 287,012
Effect of dilutive securities:
Stock options and common stock warrants 10,280 * 5,129
Xxxxx put/call option agreement -- 1,693
Convertible debt -- 2.625% issued in 1998 9,282 * 9,282
Convertible debt -- 1.5% issued in 1999 9,454 * --
XXXXX -- 1996 issue 3,872 * --
XXXXX -- 1998 issue 3,085 * --
Less: Anti-dilutive items (25,693) -
Denominator for net income (loss)
per common share - diluted 338,871 303,116
Net income (loss) per common share:
Basic $ (.02) $ .33
Diluted $ (.02) $ .32
* Denotes items that are anti-dilutive to the calculation of earnings per share.
