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FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2003NOTES TO CONSOLIDATED FINANCIAL STATEMENTS2. Earnings Per Share
Basic EPS has been computed using the weighted average number of common
shares outstanding during the respective periods. Diluted earnings per share for
all periods also assumes, as of the beginning of the period, exercise of stock
options using the treasury stock method. Certain of our stock options that would
potentially dilute Basic EPS in the future were also antidilutive for the 2003,
2002, and 2001 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, 2003,
2002, and 2001: |
| 2003 | 2002 | 2001 | |||||||||
|
|
|
|
|||||||||
| 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 | $29,893,812 | 27,357,579 | $1.09 | $11,923,227 | 26,382,906 | $0.45 | $(22,347,765) | 24,732,099 | $(0.90) | ||
| Dilutive Securities: | |||||||||||
| Stock Options | -- | 203,360 | -- | 372,700 | -- | -- | |||||
| ----------- | --------- | ----------- | --------- | ----------- | --------- | ||||||
| Diluted EPS: | |||||||||||
|
Net Income
(Loss) and Assumed Share Conversions |
$29,893,812 | 27,560,939 | $1.08 | $11,923,227 | 26,755,606 | $0.45 | $(22,347,765) | 24,732,099 | $(0.90) | ||
| ========== | ========= | ========== | ========= | ========== | ========= | ||||||
Options to purchase approximately 3.2 million shares at an average exercise price of $16.37 were outstanding at December 31, 2003. Approximately 1.7 million, 1.3 million, and 0.8 million options to purchase shares were not included in the computation of Diluted EPS for the year ended December 31, 2003, 2002, and 2001, respectively, because these options were antidilutive in that the option price was greater than the average closing market price for the common shares during those periods.
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