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SWIFT ENERGY COMPANY 1999 ANNUAL REPORT |
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Notes to Consolidated Financial Statements |
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SWIFT ENERGY COMPANY 1999 ANNUAL REPORT |
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Notes to Consolidated Financial Statements |
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Basic earnings per share ("Basic EPS") has been computed using the weighted average number of common shares outstanding during the respective periods. Basic EPS has been retroactively restated in all periods presented to give recognition to the 10% stock dividend declared in October 1997 that resulted in an additional 1,494,622 shares being issued.
The calculation of diluted earnings per share ("Diluted EPS") assumes conversion of our convertible notes as of the beginning of the respective periods and the elimination of the related after-tax interest expense and assumes, as of the beginning of the period, exercise of stock options and warrants using the treasury stock method. The assumed conversion of our convertible notes has been excluded from the calculation of Diluted EPS for the 1999 and 1998 periods, as they would have been antidilutive. Certain of our stock options that would potentially dilute Basic EPS in the future have been antidilutive for the 1999 and 1998 periods. Diluted EPS has also been retroactively restated for all periods presented to give effect to the 10% stock dividend. The original conversion price of the convertible notes of $34.6875 was revised to $31.534 to reflect the October 1997 stock dividend declared.
The following is a reconciliation of the numerators and denominators used in the calculation of Basic and Diluted EPS for the years ended December 31, 1999, 1998, and 1997:
| 1999 | 1998 | 1997 | |||||||||
| Per Share |
Per Share | Per Share | |||||||||
| Net Income | Shares | Amount | Net Loss | Shares | Amount | Net Income | Shares | Amount | |||
| ----------------------- | ----------- | --------- | ------- | ---------- | --------- | ------ | --------- | --------- | ------ | ||
| Basic EPS: | |||||||||||
| Net Income (Loss) and Share Amounts | $19,286,574 | 18,050,106 | $1.07 | $(48,225,204) | 16,436,972 | $(2.93) | $22,310,189 | 16,492,856 | $1.35 | ||
| Dilutive Securities: | |||||||||||
| 6.25% Convertible Notes | -- | -- | -- | -- | 3,525,808 | 3,646,847 | |||||
| Stock Options | -- | 42,365 | -- | -- | -- | 428,036 | |||||
| ----------- | --------- | ---------- | --------- | --------- | --------- | ||||||
| Diluted EPS: | |||||||||||
| Net Income (Loss) and Assumed Share Conversions |
$19,286,574 | 18,092,471 | $1.07 | $(48,225,204) | 16,436,972 | $(2.93) | $25,835,997 | 20,567,739 | $1.26 | ||
| ======= | ====== | ====== | ====== | ====== | ====== | ||||||
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