iHeartMedia 2004 Annual Report Download - page 170
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EXHIBIT 11 - Computation of Per Share Earnings
<TABLE>
<CAPTION>
(In thousands, except per share data) 2004 2003 2002
------------ ----------- -------------
<S> <C> <C> <C>
NUMERATOR:
Income before cumulative effect of a change in
accounting principle $ 845,799 $ 1,145,591 $ 724,823
Cumulative effect of a change in accounting principle (4,883,968) -- (16,778,526)
------------ ----------- -------------
Net income (loss) (4,038,169) 1,145,591 (16,053,703)
Effect of dilutive securities:
Convertible debt - 2.625% issued in 1998 -- 2,106 8,931
Convertible debt - 1.5% issued in 1999 -- -- 7,704
LYONS - 1998 issue -- 1,446 4,815
Less: Anti-dilutive items -- -- (4,815)
------------ ----------- -------------
Numerator for net income before cumulative effect of a
change in accounting principle per common share -
diluted 845,799 1,149,143 741,458
Numerator for cumulative effect of a change in accounting
principle per common share - diluted (4,883,968) -- (16,778,526)
------------ ----------- -------------
Numerator for net income (loss) per common share - diluted $ (4,038,169) $ 1,149,143 $ (16,037,068)
============ =========== =============
DENOMINATOR:
Weighted average common shares 596,126 614,651 606,861
Effect of dilutive securities:
Stock options and common stock warrants 2,149 3,167 3,911
Convertible debt - 2.625% issued in 1998 -- 2,060 8,855
Convertible debt - 1.5% issued in 1999 -- -- 7,813
LYONS - 1998 issue -- 892 3,085
Less: Anti-dilutive items -- -- (3,085)
------------ ----------- -------------
Denominator for net income (loss) per common share -
diluted 598,275 620,770 627,440
============ =========== =============
Net income (loss) per common share:
Income before cumulative effect of a change in
accounting principle - Basic $ 1.42 $ 1.86 $ 1.20
Cumulative effect of a change in accounting principle
- Basic (8.19) -- (27.65)
------------ ----------- -------------
Net income (loss) - Basic $ (6.77) $ 1.86 $ (26.45)
============ =========== =============
Income before cumulative effect of a change in
accounting principle - Diluted $ 1.41 $ 1.85 $ 1.18
Cumulative effect of a change in accounting principle
- Diluted (8.16) -- (26.74)
------------ ----------- -------------
Net income (loss) - Diluted $ (6.75) $ 1.85 $ (25.56)
============ =========== =============
</TABLE>
* Denotes items that are anti-dilutive to the calculation of earnings per share.