EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
In thousands of dollars, except per share data
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Nine months ended
September 30,
2000 1999
Numerator:
<S> <C> <C>
Net income $ 440,760 $ 95,288
Effect of dilutive securities:
Eller put/call option agreement -- (2,300) *
Convertible debt - 2.625% issued in 1998 7,358 7,358 *
Convertible debt - 1.5% issued in 1999 7,313 --
LYONS - 1996 issue (364) 1,939 *
LYONS - 1998 issue 3,427 2,269 *
Less: Anti-dilutive items -- (9,266)
Numerator for net income per
common share - diluted $ 458,494 $ 95,288
Denominator:
Weighted average common shares 370,099 303,970
Effect of dilutive securities:
Stock options and common stock warrants 10,063 7,649 *
Eller put/call option agreement -- 1,129 *
Convertible debt - 2.625% issued in 1998 9,282 9,282 *
Convertible debt - 1.5% issued in 1999 9,454 --
LYONS - 1996 issue 3,871 2,117 *
LYONS - 1998 issue 3,085 1,684 *
Less: Anti-dilutive items -- (21,861)
Denominator for net income
per common share - diluted 405,854 303,970
Net income per common share:
Basic $ 1.19 $ .31
Diluted $ 1.13 $ .31
* Denotes items that are anti-dilutive to the calculation of earnings per share.
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EXHIBIT 12 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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September 30, Year Ended
2000 1999 1999 1998 1997 1996 1995
Income before income
taxes, equity in earnings of non-
consolidated affiliates and
<S> <C> <C> <C> <C> <C> <C> <C>
extraordinary item 831,394 195,092 220,213 117,922 104,077 71,240 49,817
Dividends and other received from
nonconsolidated affiliates 8,818 5,800 7,079 9,168 4,624 10,430 1,432
Total 840,212 200,892 227,292 127,090 108,701 81,670 51,249
Fixed Charges
Interest expense 244,875 132,932 192,321 135,766 75,076 30,080 20,752
Amortization of loan fees 234 1,553 1,970 2,220 1,451 506 1,004
Interest portion of rentals 80,416 17,350 24,511 16,044 6,120 424 361
Total fixed charges 325,525 151,835 218,802 154,030 82,647 31,010 22,117
Preferred stock dividends
Tax effect of preferred dividends -- -- -- -- -- -- --
After tax preferred dividends -- -- -- -- -- -- --
Total fixed charges and
preferred dividends 325,525 151,835 218,802 154,030 82,647 31,010 22,117
Total earnings available for
payment of fixed charges 1,165,737 352,727 446,094 281,120 191,348 112,680 73,366
Ratio of earnings to fixed
Charges 3.58 2.32 2.04 1.83 2.32 3.63 3.32
Rental fees and charges 321,665 216,880 306,393 200,550 76,500 5,299 4,510
Interest rate 25% 8% 8% 8% 8% 8% 8%
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