Capital One 2003 Annual Report Download - page 103
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The reconciliation of income tax attributable to continuing operations computed at the U.S. federal statutory tax
rate to income tax expense was:
Year Ended December 31
2003 2002 2001
Income tax at statutory federal tax rate 35.00% 35.00% 35.00%
Other, including state taxes 2.00 3.00 3.00
Income taxes 37.00% 38.00% 38.00%
Note L
Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share:
Year Ended December 31
(Shares in Thousands) 2003 2002 2001
Numerator:
Income before change in accounting principle $1,150,879 $899,644 $641,965
Cumulative effect of accounting change (15,037) ——
Net income $1,135,842 $899,644 $641,965
Denominator:
Denominator for basic earnings per share-
Weighted-average shares 224,832 219,984 209,867
Effect of dilutive securities:
Stock options 8,471 8,224 10,709
Restricted stock 800 37 —
Contingently issuable shares —499 —
Dilutive potential common shares 9,271 8,760 10,709
Denominator for diluted earnings per share-
Adjusted weighted-average shares 234,103 228,744 220,576
Basic earnings per share
Before cumulative effect of accounting change $5.12 $ 4.09 $ 3.06
Cumulative effect of accounting change (0.07) ——
After cumulative effect of accounting change $5.05 $ 4.09 $ 3.06
Diluted earnings per share
Before cumulative effect of accounting change $4.92 $ 3.93 $ 2.91
Cumulative effect of accounting change (0.07) ——
After cumulative effect of accounting change $4.85 $ 3.93 $ 2.91
Securities of approximately 20,755,000, 23,000,000 and 5,217,000 during 2003, 2002 and 2001, respectively,
were not included in the computation of diluted earnings per share because their inclusion would be antidilutive.
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