<TABLE>
<CAPTION>

                                                                 For the three months ended            For the six months ended
                                                                           June 30,                             June 30,
                                                                  ---------------------------         ----------------------------
Primary Earnings Per Share:                                         1997               1996             1997               1996
----------------------------------------------                    -----------   -------------         ------------    ------------

<S>                                                               <C>                <C>              <C>                 <C>    
Net income                                                        $44,251            $37,739          $86,569             $70,080

Less: Preferred Stock dividends:
   10% Cumulative Preferred Stock, Series A                        (1,141)            (1,141)          (2,282)             (2,282)
   9.20% Cumulative Preferred Stock, Series B                      (1,372)            (1,372)          (2,744)             (2,744)
   Variable Rate Preferred Stock, Series C                           (572)              (542)          (1,116)             (1,048)
   9.50% Cumulative Preferred Stock, Series D                        (713)              (713)          (1,426)             (1,426)
   10.0% Cumulative Preferred Stock, Series E                      (1,372)            (1,372)          (2,744)             (2,744)
   9.75% Cumulative Preferred Stock, Series F                      (1,402)            (1,402)          (2,803)             (2,803)
   8.875% Cumulative Preferred Stock, Series G                     (3,827)            (3,827)          (7,655)             (7,825)
   8.45% Cumulative Preferred Stock, Series H                      (3,565)            (3,565)          (7,130)             (6,219)
   8.625% Cumulative Preferred Stock, Series I                     (2,156)                 -           (4,312)                  -
   8.25% Convertible Preferred Stock                               (1,136)            (1,171)          (2,278)             (2,355)
   Mandatory Convertible Participating Preferred Stock                  -               (875)               -              (1,700)
   Mandatory Convertible Preferred Stock Series CC (1)            (13,412)            (1,916)         (15,328)             (1,916)
                                                                  -----------   -------------         ------------    ------------
       Total preferred dividends                                  (30,668)           (17,896)         (49,818)            (33,062)
                                                                  -----------   -------------         ------------    ------------

Net income allocable to common shareholders                       $13,583            $19,843          $36,751             $37,018
                                                                  ===========   =============         ============    ============

Weighted Average common and common equivalent shares outstanding:

                                          
Weighted average common shares outstanding                         97,524             73,306            93,327             72,518

Net effect of dilutive stock options - based on
   treasury stock method using average market price                   522                231               556                231
                                                                  -----------   -------------         ------------    ------------
         Total                                                     98,046             73,537            93,883             72,749
                                                                  ===========   =============         ============    ============

Primary earnings per common and common equivalent share             $0.14              $0.27             $0.39              $0.51
                                                                  ===========   =============         ============    ============
</TABLE>

                                                       
                                   Exhibit 11
<PAGE>
<TABLE>
<CAPTION>



                                                             For the three months ended               For the six months ended
                                                                      June 30,                               June 30,
                                                             ----------------------------------    ----------------------------
FULLY-DILUTED EARNINGS PER COMMON AND COMMON
   EQUIVALENT SHARE:                                               1997                1996            1997             1996
----------------------------------------------------------      -----------         -----------     -----------     ----------- 
Net income allocable to common shareholders per
<S>                                                              <C>                <C>              <C>            <C>    
   Primary calculation above                                     $13,583            $19,843          $36,751        $37,018

Add dividends paid to holders of Convertible Preferred Stocks:
      *   8.25% Convertible Preferred Stock                        1,136              1,171            2,278          2,355
      *   Mandatory Convertible Participating
          Preferred Stock                                              -                875                -          1,700
      *   Series CC Preferred Stock                                    -              1,916            1,916          1,916
                                                                -----------         -----------     -----------     ----------- 

Net income allocable to common shareholders for
   purposes of determining Fully-diluted Earnings per
   Common and Common Equivalent Share                            $14,719            $23,805          $40,945        $42,989
                                                                ===========         ===========     ===========     =========== 

Weighted average common and common equivalent shares
   outstanding                                                    98,046             73,537           93,883         72,749

Proforma  weighted  average  common shares  assuming
   conversion of  Convertible    Preferred Stock:
      *   8.25% Convertible Preferred Stock                        3,718              3,847            3,721          3,860
      *   Mandatory Convertible Participating
          Preferred Stock                                              -              1,346                -          1,477
      *   Series CC Preferred Stock  (1)                               -              2,064            1,092          1,032
                                                                -----------         -----------     -----------     ----------- 

Weighted average common and common equivalent 
  shares for purposes of computation  of Fully-diluted
  Earnings per Common and Common Equivalent Share                101,764             80,794           98,696         79,118
                                                                ===========         ===========     ===========     =========== 
                                              
Fully-diluted Earnings per Common and Common Share (2)             $0.15              $0.29            $0.42          $0.54
                                                                ===========         ===========     ===========     =========== 
                                                      
</TABLE>

(1)  The 1997 three and six month earnings per common share have been negatively
     impacted by a  non-recurring  special  dividend on preferred stock totaling
     $13,412,000  ($0.14 per common share.) At the end of the first quarter of
     1997,  the Company  paid a special  dividend  totaling  $13,412,000  to its
     Series CC Convertible Preferred Stock. As a result of the special dividend,
     the Company  would not have to pay another  dividend  with  respect to this
     stock until the quarter ended March 31, 1999.  During the second quarter of
     1997, the Series CC Convertible Preferred Stock converted into common stock
     of the Company.  Accordingly,  all of the  $13,412,000  of  dividends  were
     treated in the second quarter of 1997 as an allocation of net income to the
     preferred  shareholders  in determining the allocation of net income to the
     common shareholders.

                                                       
                                   Exhibit 11

<PAGE>

(2)  Such  amounts are  anti-dilutive  and are not  presented  in the  Company's
     consolidated financial statements.

     In addition, the Company has 7,000,000 shares of Class B Common Stock which
     are  convertible  into  shares of the  Company's  Common  Stock  subject to
     certain  contingencies  such as the passage of time and the  attainment  of
     certain earnings milestone by the Company.  The assumption of such earnings
     and the pro forma  conversion of the Class B Common Stock into Common Stock
     in the  above  computations  would  have  resulted  in an  increase  in the
     fully-diluted earnings per common share, and accordingly, is anti-dilutive.



                                   Exhibit 11