EX-11 3 dex11.txt STATEMENT OF RECOMPUTATION OF PER SHARE EARNINGS Exhibit 11 TORCHMARK CORPORATION COMPUTATION OF EARNINGS PER SHARE
Three months ended September 30, 2001 2000 ---------------- ----------------- Income from continuing operations before extraordinary item $104,875,000 $ 97,736,000 Loss on redemption of debt (net of applicable tax benefit) (1,060,000) 0 ================ ================= Net Income $103,815,000 $ 97,736,000 ================ ================= Basic weighted average shares and common stock equivalents outstanding 125,190,233 127,266,812 Diluted weighted average shares and common stock equivalents outstanding 126,022,771 127,524,459 Basic earnings per share: Income from continuing operations before extraordinary item $0.84 $0.77 Loss on redemption of debt (net of applicable tax benefit) (0.01) 0.00 ---------------- ----------------- Net Income $0.83 $0.77 ================ ================= Diluted earnings per share: Income from continuing operations before extraordinary item $0.83 $0.77 Loss on redemption of debt (net of applicable tax benefit) (0.01) 0.00 ---------------- ----------------- Net Income $0.82 $0.77 ================ =================
(Continued on following page) TORCHMARK CORPORATION COMPUTATION OF EARNINGS PER SHARE (Continued)
Nine Months Ended September 30, 2001 2000 ------------------ ---------------------- Income from continuing operations before extraordinary item and cumulative effect of change in accounting principle $305,416,000 $269,912,000 Loss from discontinued operations (net of applicable tax benefit) (3,280,000) 0 ------------------ ---------------------- Income before extraordinary item and change in accounting principle 302,136,000 269,912,000 Loss on redemption of debt (net of applicable tax benefit) (2,165,000) 0 ------------------ ---------------------- Income before cumulative effect of change in accounting principle 299,971,000 269,912,000 Cumulative effect of change in accounting principle (net of applicable tax benefit) (26,584,000) 0 ------------------ ---------------------- Net income $273,387,000 $269,912,000 ================== ====================== Basic weighted average shares and common stock equivalents outstanding 125,534,606 128,666,156 Diluted weighted average shares and common stock equivalents outstanding 126,324,519 128,870,692 Basic earnings per share: Income from continuing operations before extraordinary item and cumulative effect of change in accounting principle $2.43 $2.10 Loss from discontinued operations (net of applicable tax benefit) 0.02 0.00 ------------------ ---------------------- Income before extraordinary item and change in accounting principle 2.41 2.10 Loss on redemption of debt (net of applicable tax benefit) (0.02) 0.00 ------------------ ---------------------- Income before cumulative effect of change in accounting principle 2.39 2.10 Cumulative effect of change in accounting principle (net of applicable tax benefit) (0.21) 0.00 ------------------ ---------------------- Net income $2.18 $2.10 ================== ====================== Diluted earnings per share: Income from continuing operations before extraordinary item and cumulative effect of change in accounting principle $2.42 $2.09 Loss from discontinued operations (net of applicable tax benefit) (0.03) 0.00 ------------------ ---------------------- Income before extraordinary item and change in accounting principle 2.39 2.09 Loss on redemption of debt (net of applicable tax benefit) (0.02) 0.00 ------------------ ---------------------- Income before cumulative effect of change in accounting principle 2.37 2.09 Cumulative effect of change in accounting principle (net of applicable tax benefit) (0.21) 0.00 ------------------ ---------------------- Net income $2.16 $2.09 ================== ======================