|
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. Diluted earnings per share ("Diluted EPS") for all
periods also assumes, as of the beginning of the period, exercise of stock
options and restricted stock grants using the treasury stock method. Certain
of our stock options and restricted stock that would potentially dilute
Basic EPS in the future were also antidilutive for the 2007, 2006, and 2005
periods and are discussed below.
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, 2007, 2006, and 2005 (in thousands, except per share
amounts):
|
|
|
2007
|
|
|
2006
|
|
|
2005
|
|
|
|
|
Income
from continuing operations
|
|
|
Shares
|
|
|
Per
Share Amount
|
|
|
Income
from continuing operations
|
|
|
Shares
|
|
|
Per
Share Amount
|
|
|
Income
from continuing operations
|
|
|
Shares
|
|
|
Per
Share Amount
|
|
|
Basic
EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income from continuing operations, and share amounts
|
|
$ |
152,588 |
|
|
|
29,984 |
|
|
$ |
5.09 |
|
|
$ |
151,074 |
|
|
|
29,265 |
|
|
$ |
5.16 |
|
|
$ |
97,880 |
|
|
|
28,496 |
|
|
$ |
3.43 |
|
|
Dilutive
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
stock
|
|
|
-- |
|
|
|
218 |
|
|
|
|
|
|
|
-- |
|
|
|
169 |
|
|
|
|
|
|
|
-- |
|
|
|
62 |
|
|
|
|
|
|
Stock
options
|
|
|
-- |
|
|
|
438 |
|
|
|
|
|
|
|
-- |
|
|
|
582 |
|
|
|
|
|
|
|
-- |
|
|
|
737 |
|
|
|
|
|
|
Diluted
EPS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income from continuing operations, and assumed share
conversions
|
|
$ |
152,588 |
|
|
|
30,640 |
|
|
$ |
4.98 |
|
|
$ |
151,074 |
|
|
|
30,016 |
|
|
$ |
5.03 |
|
|
$ |
97,880 |
|
|
|
29,295 |
|
|
$ |
3.34 |
|
Options to purchase approximately 1.4 million shares at
an average exercise price of $28.47 were outstanding at December 31, 2007,
while options to purchase 1.5 million shares at an average exercise price of
$24.59 were outstanding at December 31, 2006, and options to purchase 2.1
million shares at an average exercise price of $21.28 were outstanding at
December 31, 2005. Approximately 1.0 million, 1.0 million, and 0.1 million
stock options to purchase shares were not included in the computation of
Diluted EPS for the years ended December 31, 2007, 2006, and 2005,
respectively, because these stock options were antidilutive, in that the sum
of the stock option price, unrecognized compensation expense and excess tax
benefits recognized as proceeds in the treasury stock method was greater
than the average closing market price for the common shares during those
periods. Employee restricted stock grants of 0.4 million shares, 0.3 million
shares and less than 0.1 million shares, were not included in the
computation of Diluted EPS for the year ended December 31, 2007, 2006, and
2005, respectively, because these restricted stock grants were antidilutive
in that the sum of the unrecognized compensation expense and excess tax
benefits recognized as proceeds under the treasury stock method was greater
than the average closing market price for the common shares during that
period.
|
|
This page was last updated on
Thursday, March 27, 2008, at
10:30:39 AM.
Copyright © 1994-2008 by Swift Energy Company.
Click here to go to our home page or search
page.
Please note the terms of use for
the Swift Energy web site.
If you have comments or questions, see our feedback or
requests pages.
Contact Swift Energy Company Stockholder Relations through e-mail info@swiftenergy.com
or telephone (281) 874-2700.
|
