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FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2004NOTES TO CONSOLIDATED FINANCIAL STATEMENTS2. 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 that would potentially dilute Basic EPS in the future were also
antidilutive for the 2004, 2003, and 2002 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, 2004,
2003, and 2002: |
| 2004 | 2003 | 2002 | |||||||||
|
|
|
|
|||||||||
| Per Share |
Per Share |
Per Share | |||||||||
| Net Income | Shares | Amount | Net Income | Shares | Amount | Net Loss | Shares | Amount | |||
| ----------- | --------- | ------- | ----------- | --------- | ------- | ---------- | --------- | ------ | |||
| Basic EPS: | |||||||||||
| Net Income and Share Amounts | $68,450,917 | 27,822,413 | $2.46 | $29,893,812 | 27,357,579 | $1.09 | $11,923,227 | 26,382,906 | $0.45 | ||
| Dilutive Securities: | |||||||||||
| Restricted Stock | -- | -- | -- | -- | -- | -- | |||||
| Stock Options | -- | 524,860 | -- | 203,360 | -- | 372,700 | |||||
| ----------- | --------- | ----------- | --------- | ----------- | --------- | ||||||
| Diluted EPS: | |||||||||||
|
Net Income and Assumed Share Conversions |
$68,450,917 | 28,347,273 | $2.41 | $29,893,812 | 27,560,939 | $1.08 | $11,923,227 | 26,755,606 | $0.45 | ||
| ========== | ========= | ========== | ========= | ========== | ========= | ||||||
Options to purchase approximately 3.0 million shares at an average exercise price of $18.51 were outstanding at December 31, 2004, while options to purchase 3.2 million shares at an average exercise price of $16.37 were outstanding at December 31, 2003, and options to purchase 3.0 million shares at an average exercise price of $16.64 were outstanding at December 31, 2002. Approximately 1.1 million, 1.7 million, and 1.3 million options to purchase shares were not included in the computation of Diluted EPS for the years ended December 31, 2004, 2003, and 2002, 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. Employee restricted stock grants of 70,900 shares, which were issued in 2004, were not included in the computation of Diluted EPS for the year ended December 31, 2004, because these restricted stock grants were antidilutive in that the amount of future compensation expense per share recognized as proceeds in the treasury stock method was greater than the average closing market price for the common shares during that period. Other restricted stock grants of 30,000 shares, which were issued in 2004, were not included in the computation of Diluted EPS for the year ended December 31, 2004, as performance conditions surrounding the vesting of these shares had not occurred.
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