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FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 1998NOTES TO CONSOLIDATED FINANCIAL STATEMENTS2. 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. 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 the Company’s 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). Certain of the Company’s stock options that would potentially dilute Basic EPS in the future were not included in the computation of Diluted EPS because to do so would have been antidilutive for the 1998 period. 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, 1998, 1997, and 1996: |
| 1998 | 1997 | 1996 | |||||||||
| 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 | $(48,225,204) | 16,436,972 | $(2.93) | $22,310,189 | 16,492,856 | $1.35 | $19,025,450 | 15,000,901 | $1.27 | ||
| Dilutive Securities: | |||||||||||
| 6.25% Convertible Notes | -- | -- | 3,525,808 | 3,646,847 | 788,710 | 419,637 | |||||
| Stock Options | -- | -- | -- | 428,036 | -- | 407,108 | |||||
| ----------- | --------- | ---------- | --------- | --------- | --------- | ||||||
| Diluted EPS: | |||||||||||
| Net Income (Loss) and Assumed Share Conversions |
$(48,225,204) | 16,436,972 | $(2.93) | $25,835,997 | 20,567,739 | $1.26 | $19,814,160 | 15,827,646 | $1.25 | ||
| ======= | ====== | ====== | ====== | ====== | ====== | ||||||
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