EXHIBIT 11
STATEMENT RE: COMPUTATION OF PER-SHARE EARNINGS
Year Ended December 31,
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2000 1999 1998
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Net (loss) earnings available to common before gains
or losses on asset Dispositions ....................................... $ (76,474) $ 20,547 $ 34,977
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Net (loss) earnings available to Common ............................. $ (66,485) $ 10,040 $ 68,015
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Average shares outstanding .......................................... 20,052 19,877 20,034
Basic per-share amounts:
Net (loss) earnings ................................................. $ (3.32) $ 0.51 $ 3.39
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Net (loss) earnings before gains or losses on asset dispositions .... $ (3.81) $ 1.03 $ 1.75
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Average shares outstanding .......................................... 20,052 19,877 20,034
Stock option incremental shares ..................................... 0 0 7
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Average shares outstanding, diluted ............................... 20,052 19,877 20,041
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Diluted per-share amounts:
Net (loss) earnings ................................................. $ (3.32) $ 0.51 $ 3.39
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Net (loss) earnings before asset dispositions ....................... $ (3.81) $ 1.03 $ 1.75
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Diluted assuming conversion of debt:
Net earnings before gains or losses on asset dispositions ........... $ (76,474) $ 20,547 $ 34,977
Add Series C preferred dividends .................................... 7,297 0 0
Add interest expense associated with Convertible Debentures ......... 3,456 4,381 4,714
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Total ............................................................. $ (65,721) $ 24,928 $ 39,691
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Average shares outstanding .......................................... 20,052 19,877 20,034
Assumed conversion of Series C Preferred Stock ...................... 7,320 0 0
Assumed conversion of debentures .................................... 1,309 1,794 1,899
Stock option incremental shares ..................................... 0 0 7
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Total ............................................................. 28,681 21,671 21,940
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Per-share amount (antidilutive) ..................................... $ (2.29) $ 1.15 $ 1.81
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