COMPUTATION OF EARNINGS PER COMMON SHARE
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1999 2000 1999 2000
------------ ------------ ------------- -------------
<S> <C> <C> <C> <C>
BASIC EARNINGS
Income before the cumulative effect of a change
in accounting principles and extraodinary items .............. $ 16,264 $ 24,397 $ 27,780 $ 35,154
Cumulative effect of a change in
in accounting principles ..................................... -- -- (5,315) --
-------- -------- -------- --------
Income before extraordinary items .............................. 16,264 24,397 22,465 35,154
Extraordinary items ............................................ -- -- -- (302)
-------- -------- -------- --------
Net earnings ................................................... $ 16,264 $ 24,397 $ 22,465 $ 34,852
======== ======== ======== ========
Shares:
Weighted average number of common
shares outstanding ......................................... 51,321 45,120 51,829 46,536
======== ======== ======== ========
Basic earnings per common share:
Income before the cumulative effect of a change
in accounting principles and extraodinary items ............ $ 0.32 $ 0.54 $ 0.54 $ 0.75
Cumulative effect of a change in
accounting principles ........................................ -- -- (0.10) --
Extraordinary items ............................................ -- -- -- --
-------- -------- -------- --------
Net earnings ............................................... $ 0.32 $ 0.54 $ 0.44 $ 0.75
======== ======== ======== ========
DILUTED EARNINGS
Income before the cumulative effect of a change
in accounting principles and extraodinary items .............. $ 16,264 $ 24,397 $ 27,780 35,154
Cumulative effect of a change in
accounting principles ........................................ -- -- (5,315) --
-------- -------- -------- --------
Income before extraordinary items .............................. 16,264 24,397 22,465 35,154
Extraordinary items ............................................ -- -- -- (302)
-------- -------- -------- --------
Net earnings as adjusted ................................... $ 16,264 $ 24,397 $ 22,465 $ 34,852
======== ======== ======== ========
Shares:
Weighted average number of common
shares outstanding ......................................... 51,321 45,120 51,829 46,536
Options issued ............................................... 1,653 733 1,447 695
-------- -------- -------- --------
Weighted average number of common
shares outstanding as adjusted ............................... 52,974 45,853 53,276 47,231
======== ======== ======== ========
Diluted earnings per common share:
Income before the cumulative effect of a change
in accounting principles ................................... $ 0.31 $ 0.53 $ 0.52 $ 0.74
Cumulative effect of a change in
accounting principles ........................................ -- -- (0.10) --
Extraordinary items ............................................ -- -- -- --
-------- -------- -------- --------
Net earnings ................................................. $ 0.31 $ 0.53 $ 0.42 $ 0.74
======== ======== ======== ========
</TABLE>
