SWIFT ENERGY COMPANY 2001 ANNUAL REPORT

Notes to Consolidated Financial Statements

 

2. Earnings Per Share

Basic earnings per share ("Basic EPS") have 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 1999 and 2000 assumes conversion of our Convertible Notes as of the beginning of the respective periods and the elimination of the related after-tax interest expense. The calculation of diluted earnings per share for all periods 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 applies only to the 2000 period since for the 1999 period they would have been antidilutive and since they were extinguished at year-end 2000. Certain of our stock options that would potentially dilute Basic EPS in the future were also antidilutive for the 2001 and 1999 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, 2001, 2000, and 1999:

2001 2000 1999
Per
Share		 Per
Share		 Per Share
Net Loss Shares Amount Net Income Shares Amount Net Income Shares Amount
----------- --------- ------- ----------- --------- ------- ---------- --------- ------
Basic EPS:
Net Income (Loss) and Share Amounts $(22,347,765) 24,732,099 $(0.90) $59,184,008 21,244,684 $2.79 $19,286,574 18,050,106 $1.07
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		 $(22,347,765) 24,732,099 $(0.90) $63,956,426 25,504,729 $2.51 $19,286,574 18,092,471 $1.07
========== ========= ========== ========= ========== =========

 

 

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