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Exhibit 11
Computations of Earnings Per Common Share
| 1998 | 1999 | |||||||||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||||
| June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||
| Net | Per Share | Net | Per Share | Net | Per Share | |||||||||||||||||||||||||||||||||
| Income | Shares | Amount | Income | Shares | Amount | Income | Shares | Amount | ||||||||||||||||||||||||||||||
| (In thousands, except per share data) | (In thousands, except per | |||||||||||||||||||||||||||||||||||||
| share data) | ||||||||||||||||||||||||||||||||||||||
| Basic EPS | ||||||||||||||||||||||||||||||||||||||
| Net income (loss) available to common shareholders: | ||||||||||||||||||||||||||||||||||||||
| Continuing operations | $ | (832 | ) | 15,480 | $ | (101 | ) | 15,350 | $ | (3,167 | ) | 15,702 | ||||||||||||||||||||||||||
| Discontinued operations | (1,364 | ) | (1,796 | ) | — | |||||||||||||||||||||||||||||||||
| Total | $ | (2,196 | ) | $ | (1,897 | ) | $ | (3,167 | ) | |||||||||||||||||||||||||||||
| Continuing operations | $ | (0.05 | ) | $ | (0.00 | ) | $ | (0.20 | ) | |||||||||||||||||||||||||||||
| Discontinued operations | (0.09 | ) | (0.12 | ) | — | |||||||||||||||||||||||||||||||||
| Total | $ | (0.14 | ) | $ | (0.12 | ) | $ | (0.20 | ) | |||||||||||||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
| 1999 | ||||||||||||||
| Six Months Ended | ||||||||||||||
| June 30, | ||||||||||||||
| Net | Per Share | |||||||||||||
| Income | Shares | Amount | ||||||||||||
| Basic EPS | ||||||||||||||
| Net income (loss) available to common shareholders: | ||||||||||||||
| Continuing operations | $ | (5,059 | ) | 15,671 | ||||||||||
| Discontinued operations | — | |||||||||||||
| Total | $ | (5,059 | ) | |||||||||||
| Continuing operations | $ | (0.32 | ) | |||||||||||
| Discontinued operations | — | |||||||||||||
| Total | $ | (0.32 | ) | |||||||||||
Note: The Company’s subordinated debt, which is exchangeable into 2.8 million shares of the Company’s Class A Common Stock, was outstanding during the six months ended June 30, 1998 and 1999 respectively, but was not included in the computation of diluted earnings per share because the effect of which would have been anti-dilutive. Options to purchase 2.3 million shares of Class A Common Stock were outstanding during the six months ended June 30, 1999, but were not included in the computation of diluted earnings per share because the effect of which would have been anti-dilutive.
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