EX-11 7 dex11.htm STATEMENT RE COMPUTATION OF PER SHARE EARNINGS Statement re Computation of per share earnings

Exhibit 11

STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS

(Amounts in thousands except per share data)
 

 

 

For the Three Months Ended September 30,

 

 

 

 

 

 

2002

 

2001

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

22,389

 

$

21,766

 

 

Less:  adjustment for gain (loss) on investments

 

 

4,862

 

 

(327

)

 

 

 

 

Numerator for basic earnings per share-income from continuing operations available to common shareholders

 

 

17,527

 

 

22,093

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

Minority interest in income convertible into common shares

 

 

788

 

 

883

 

 

 

 

 

Numerator for diluted earnings per share

 

$

18,315

 

$

22,976

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Denominator for basic earnings per share – weighted average shares

 

 

45,910

 

 

46,470

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

Weighted average convertible operating company units

 

 

1,615

 

 

1,900

 

 

Stock options

 

 

335

 

 

440

 

 

 

 

 

 

Dilutive potential common shares

 

 

1,950

 

 

2,340

 

 

 

 

 

 

Denominator for diluted earnings per share-adjusted for weighted average shares and assumed conversion

 

 

47,860

 

 

48,810

 

 

 

 

 

 

Basic earnings per share excluding gain (loss) on investments

 

$

0.38

 

$

0.48

 

 

 

 

 

 

 

Diluted earnings per share excluding gain (loss) on investments

 

$

0.38

 

$

0.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30,

 

 

 

 

 

 

2002

 

2001

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

Net income available to common shareholders

 

$

62,024

 

$

58,585

 

 

Less:  adjustment for gain (loss) on investments

 

 

4,862

 

 

(327

)

 

 

 

 

 

Numerator for basic earnings per share-income from continuing operations available to common shareholders

 

 

57,162

 

 

58,912

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

Minority interest in income convertible into common shares

 

 

2,375

 

 

2,651

 

 

 

 

 

 

Numerator for diluted earnings per share

 

$

59,537

 

$

61,563

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Denominator for basic earnings per share – weighted average shares

 

 

45,895

 

 

46,360

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

Weighted average convertible operating company units

 

 

1,625

 

 

1,940

 

 

Stock options

 

 

400

 

 

420

 

 

 

 

 

 

 

Dilutive potential common shares

 

 

2,025

 

 

2,360

 

 

 

 

 

 

 

Denominator for diluted earnings per share-adjusted for weighted average shares and assumed conversion

 

 

47,920

 

 

48,720

 

 

 

 

 

 

 

Basic earnings per share excluding gain (loss) on investments

 

$

1.25

 

$

1.27

 

 

 

 

 

 

 

Diluted earnings per share excluding gain (loss) on investments

 

$

1.24

 

$

1.27