N O T E 9 - E a r n i n g s P e r S
h a r e
The number of shares outstanding for calculation of
earnings per share (EPS) is as follows:
| |
|
|
|
| (Shares in thousands) |
2000
|
1999
|
1998
|
 |
| Weighted average shares outstanding - basic |
27,401
|
28,051
|
28,426
|
| Dilutive effect ostock options |
-
|
96
|
175
|
|
| Weighted average shares outstanding - diluted |
27,401
|
28,147
|
28,601
|
|
The effects of stock options on diluted EPS are reflected
through the application of the treasury stock method. Under this method,
proceeds received by the Company, based on assumed exercise, are hypothetically
used to repurchase the Company's shares at the average market price for
the period. Outstanding options to purchase 1,273 and 842 shares during
fiscal years 1999 and 1998, respectively, were not included in the computation
of diluted EPS because the exercise prices of the options were greater than
the average market price of the shares; therefore, the effect would be anti-dilutive.
Due to the net loss incurred in fiscal year 2000, no outstanding options
were included in the diluted EPS computation because they would automatically
result in anti-dilution.
|
