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PART II
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY
DATA
NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS
(All tables in millions, except per share data)
9. EARNINGS (LOSS) PER SHARE
Basic earnings (loss) per share is computed
by dividing net income (loss) by the weighted average number of
common shares outstanding during the year. Diluted earnings (loss)
per share is based on the combined weighted average number of
common shares and common share equivalents outstanding which include,
where appropriate, the assumed exercise or conversion of options
and warrants. In computing diluted earnings (loss) per share,
the Company has utilized the treasury stock method.
The computation of weighted average common
and common equivalent shares used in the calculation of basic
and diluted earnings (loss) per share is as follows for the years
ended December 31:
2000 1999 1998
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Weighted average shares outstanding used in calculating basic
earnings per share ........................................ 361.3 429.8 455.1
Effect of dilutive options and warrants ..................... .1 -- 15.8
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Weighted average common and common equivalent shares used
in calculating diluted earnings per share ................. 361.4 429.8 470.9
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At December 31, 2000, the Company had employee
stock options outstanding of approximately 57.2 million of which
56.9 million have been excluded from the computation of diluted
earnings per share since they are anti-dilutive. At December 31,
1999 and 1998, outstanding employee stock options of approximately
50.9 and 4.8 million, respectively, have been excluded since they
are anti-dilutive.
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Form
10-K 
