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EXHIBIT 11.1
COMPUTATION OF PER SHARE EARNINGS
(Dollars in millions of Canadian dollars)
(shares in millions)
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Year ended December 31, |
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1999 |
1998 |
1997 |
BASIC |
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Weighted Average shares outstanding |
743.5 |
742.7 |
381.2 |
Earnings (loss) from continuing operations attributable to common shareholders |
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Net income (loss) |
(46.7) |
(51.4) |
(63.5) |
Basic earnings (loss) from continuing operations per share |
(0.06) |
(0.09) |
(0.36) |
Basic earnings (loss) per share |
(0.06) |
(0.07) |
(0.17) |
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FULLY DILUTED |
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Weighted Average shares outstanding |
743.5 |
742.7 |
381.2 |
Net effect of dilutive stock options (1) |
0.0 |
0.0 |
0.0 |
Assumed conversion of convertible debentures (1) |
0.0 |
0.0 |
0.0 |
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743.5 |
742.7 |
381.2 |
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Earnings (loss) from continuing operations attributable to common shareholders |
(46.7) |
(68.4) |
(137.3) |
Net income (loss) |
(46.7) |
(51.4) |
(63.5) |
Add interest on convertible debentures (1) |
0.0 |
0.0 |
0.0 |
Add other interest income (1) |
0.0 |
0.0 |
0.0 |
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Earnings (loss) from continuing operations |
(46.7) |
(68.4) |
(137.3) |
Net income (loss) |
(46.7) |
(51.4) |
(63.5) |
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Fully diluted earnings (loss) from continuing operations per share |
(0.06) |
(0.09) |
(0.36) |
Fully diluted earnings (loss) per share |
(0.06) |
(0.07) |
(0.17) |
(1) Conversion of options and the convertible debentures is not assumed in 1998, 1997 and
1996 in the computation of fully diluted earnings per share because its effects are
antidilutive.
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