EXHIBIT 11
STATEMENT RE: COMPUTATION OF PER-SHARE EARNINGS
Year Ended December 31,
1999 1998 1997
---- ---- ----
Net earnings available to common before gains or
losses on asset dispositions ........................ $ 40,047 $ 41,777 $ 41,305
========= ======== ========
Net earnings .......................................... $ 10,040 $ 68,015 $ 41,305
========= ======== ========
Average shares outstanding ............................ 19,877 20,034 19,085
Basic per-share amounts:
Net earnings .......................................... $ 0.51 $ 3.39 $ 2.16
========= ======== ========
Net earnings before gains or losses on asset
dispositions ........................................ $ 2.01 $ 2.09 $ 2.16
========== ======== ========
Average shares outstanding ............................ 19,877 20,034 19,085
Stock option incremental shares ....................... 0 7 52
------- -------- --------
Average shares outstanding, diluted ................ 19,877 20,041 19,137
======= ======== ========
Diluted per-share amounts:
Net earnings .......................................... $ 0.51 $ 3.39 $ 2.16
========= ======== ========
Net earnings before asset dispositions ................ $ 2.01 $ 2.08 $ 2.16
========= ======== ========
Diluted assuming conversion of debt:
Net earnings before gains or losses on asset
dispositions ........................................ $ 40,047 $ 41,777 $ 41,305
Add interest expense associated with Convertible
debentures ......................................... 4,381 4,714 6,279
--------- -------- --------
Total ......................................... $ 44,428 $ 46,491 $ 47,584
========= ======== ========
Average shares outstanding ............................ 19,877 20,034 19,085
Assumed conversion of debentures ...................... 1,794 1,899 2,583
Stock option incremental shares ....................... 0 7 52
-------- -------- --------
Total ......................................... 21,671 21,940 21,720
======== ======== ========
Per-share amount (antidilutive) ....................... $ 2.05 $ 2.12 $ 2.19
======== ======== ========