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17. Pro Forma Earnings and Earnings Per Share
As discussed in Note 8, no income tax expense has been provided in the
Company's historical consolidated financial statements on income attributable to
Tedesco as discussed in Note 10. Pro forma net income includes an adjustment to
increase the provision for income taxes to reflect the anticipated tax as if
Tedesco had not elected to be taxed under Subchapter S of the Internal Revenue
Code.
The following table represents the computation of basic and diluted
earnings per common share as required by SFAS No. 128 "Earnings Per Share" (in
thousands, except per share data).
Years Ended December 31,
2000 1999 1998
Pro forma (unaudited) net income $141,130 $122,398 $94,683
Basic weighted average number of common shares outstanding 77,470 77,089 75,702
Basic earnings per common share $ 1.82 $ 1.59 $ 1.25
Effect of dilutive stock options 1,762 2,108 1,782
Diluted weighted average number of common shares outstanding 79,232 79,197 77,484
Diluted earnings per common share $ 1.78 $ 1.55 $ 1.22
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Diluted earnings per common share excludes antidilutive stock options of
approximately 2,493,000, 844,400 and 727,500 during 2000, 1999, and 1998
respectively.
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