EX-11.1 7 k91926exv11w1.txt EXHIBIT 11.1 COMPUTATION OF NET INCOME PER SHARE . . . Exhibit 11.1 COMPUTATION OF NET INCOME PER SHARE (IN MILLIONS, EXCEPT SHARE INFORMATION)
For the Year Ended For the Year Ended For the Year Ended December 31, 2004 December 31, 2003 December 31, 2002 ------------------------ ----------- ----------- ------------------------ Basic Diluted Basic Diluted Basic Diluted ----------- ----------- ----------- ----------- ----------- ----------- Income before cumulative effect of a change in accounting principle $ 422.2 $ 422.2 $ 380.5 $ 380.5 $ 311.5 $ 311.5 After-tax interest expense on convertible debt - 9.3 - 9.0 - 7.4 ----------- ----------- ----------- ----------- ----------- ----------- Income before cumulative effect of a change in accounting principle, for diluted net income per share 422.2 431.5 380.5 389.5 311.5 318.9 Cumulative effect of a change in accounting principle, net of tax - - - - (298.5) (298.5) ----------- ----------- ----------- ----------- ----------- ----------- Net income, for diluted net income per share $ 422.2 $ 431.5 $ 380.5 $ 389.5 $ 13.0 $ 20.4 =========== =========== =========== =========== =========== =========== Weighted average shares: Common shares outstanding 68,278,858 68,278,858 66,689,757 66,689,757 65,365,218 65,365,218 Exercise of stock options (1) - 1,635,349 - 1,843,755 - 1,691,921 Exercise of warrants (2) - - - - - - Shares issuable upon conversion of convertible debt (3) - 4,813,056 - 4,813,056 - 4,232,852 ----------- ----------- ----------- ----------- ----------- ----------- Common and equivalent shares outstanding 68,278,858 74,727,263 66,689,757 73,346,568 65,365,218 71,289,991 =========== =========== =========== =========== =========== =========== Per common and equivalent share: Income before cumulative effect of a change in accounting principle $ 6.18 $ 5.77 $ 5.71 $ 5.31 $ 4.77 $ 4.47 Cumulative effect of a change in accounting principle - - - - 4.57 4.18 ----------- ----------- ----------- ----------- ----------- ----------- Net income $ 6.18 $ 5.77 $ 5.71 $ 5.31 $ 0.20 $ 0.29 =========== =========== =========== =========== =========== =========== For the Year Ended For the Year Ended December 31, 2001 December 31, 2000 ------------------------ ------------------------ Basic Diluted Basic Diluted ----------- ----------- ----------- ----------- Income before cumulative effect of a change in accounting principle $ 26.3 $ 26.3 $ 274.7 $ 274.7 After-tax interest expense on convertible debt - - - - ----------- ----------- ----------- ----------- Income before cumulative effect of a change in accounting principle, for diluted net income per share 26.3 26.3 274.7 274.7 Cumulative effect of a change in accounting principle, net of tax - - - - ----------- ----------- ----------- ------------ Net income, for diluted net income per share $ 26.3 $ 26.3 $ 274.7 $ 274.7 =========== =========== =========== =========== Weighted average shares: Common shares outstanding 63,977,391 63,977,391 65,176,499 65,176,499 Exercise of stock options (1) - 1,327,643 - 664,465 Exercise of warrants (2) - - - - Shares issuable upon conversion of convertible debt (3) - - - - ----------- ----------- ----------- ----------- Common and equivalent shares outstanding 63,977,391 65,305,034 65,176,499 65,840,964 =========== =========== =========== =========== Per common and equivalent share: Income before cumulative effect of a change in accounting principle $ 0.41 $ 0.40 $ 4.21 $ 4.17 Cumulative effect of a change in accounting principle - - - - ----------- ----------- ----------- ----------- Net income $ 0.41 $ 0.40 $ 4.21 $ 4.17 =========== =========== =========== ===========
--------------------------------------------------- (1) Amount represents the number of common shares issued assuming exercise of stock options outstanding, reduced by the number of shares which could have been purchased with the proceeds from the exercise of such options. (2) Amount represents the number of common shares issued assuming exercise of warrants outstanding. (3) Amount represents the number of common shares issued assuming the conversion of convertible debt outstanding.