SWIFT ENERGY COMPANY 2000 ANNUAL REPORT
Notes to Consolidated Financial Statements

 

2. Earnings Per Share

Basic earnings per share ("Basic EPS") has been computed using the weighted average number of common shares outstanding during the respective periods. The calculation of diluted earnings per share ("Diluted EPS") for all periods 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 were also antidilutive for the 1999 and 1998 periods.

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, 2000, 1999, and 1998:

2000 1999 1998
Per
Share		 Per Share Per Share
Net Income Shares Amount Net Income Shares Amount Net Loss Shares Amount
----------- --------- ------- ---------- --------- ------ --------- --------- ------
Basic EPS:
Net Income (Loss) and Share Amounts $59,184,008 21,244,684 $2.79 $19,286,574 18,050,106 $1.07 $(48,225,204) 16,436,972 $(2.93)
Dilutive Securities:
6.25% Convertible Notes 4,772,418 3,546,933 -- -- -- --
Stock Options -- 713,112 -- 42,365 -- --
----------- --------- ---------- --------- --------- ---------
Diluted EPS:
Net Income (Loss) and
Assumed Share Conversions		 $63,956,426 25,504,729 $2.51 $19,286,574 18,092,471 $1.07 $(48,225,204) 16,436,972 $(2.93)
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