EX-11 3 ex11.htm EXHIBIT 11 ex11.htm

Exhibit 11
 
STATEMENT RE COMPUTATION OF NET INCOME (LOSS) PER SHARE
Three Months Ended March 31, 2010 and 2009


   
Three Months Ended
 
   
March 31,
 
             
   
2010
   
2009
 
   
(In thousands of dollars)
 
             
BASIC EARNINGS PER SHARE
           
             
Average common shares outstanding
    124,889       123,999  
                 
Net loss
  $ (150,091 )   $ (184,560 )
                 
Basic loss per share
  $ (1.20 )   $ (1.49 )
                 
DILUTED EARNINGS PER SHARE
               
                 
Adjusted weighted average shares outstanding:
               
Average common shares outstanding
    124,889       123,999  
Common stock equivalents
    -       -  
                 
Adjusted weighted average diluted shares outstanding (1)
    124,889       123,999  
                 
Net loss
  $ (150,091 )   $ (184,560 )
                 
Diluted loss per share
  $ (1.20 )   $ (1.49 )
 
(1) Under current accounting guidance for the three months ended March 31, 2010 and 2009 the diluted weighted-average shares are equivalent to the basic weighted average shares due to a net loss from continuing operations.