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Notes to Consolidated Financial Statements
88 GOLDMAN SACHS 2003 ANNUAL REPORT
note 8
EARNINGS PER SHARE
The computations of basic and diluted EPS are set forth below:
YEAR ENDED NOVEMBER
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 2003 2002 2001
Numerator for basic and diluted EPS—earnings available to
common shareholders $3,005 $2,114 $2,310
Denominator for basic EPS—weighted average number of
common shares 488.4 495.6 509.7
Effect of dilutive securities
Restricted stock units 16.0 22.1 22.0
Stock options 7.5 7.4 10.1
Dilutive potential common shares 23.5 29.5 32.1
Denominator for diluted EPS—weighted average number of
common shares and dilutive potential common shares(1) 511.9 525.1 541.8
Basic EPS $6.15 $ 4.27 $ 4.53
Diluted EPS 5.87 4.03 4.26
(1) The diluted EPS computations do not include the antidilutive effect of the following options:
YEAR ENDED NOVEMBER
(IN MILLIONS) 2003 2002 2001
Number of antidilutive options 27 28 1
note 9
GOODWILL AND IDENTIFIABLE INTANGIBLE
ASSETS
Goodwill
As of November 2003 and November 2002, goodwill of
$3.16 billion and $2.86 billion, respectively, was included
in “Other assets” in the consolidated statements of finan-
cial condition. Prior to December 1, 2001, goodwill was
amortized over periods of 15 to 20 years on a straight-
line basis.
The following table sets forth reported net earnings and
EPS, as adjusted to exclude goodwill amortization expense:
YEAR ENDED NOVEMBER
(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 2001
Net earnings, as reported $2,310
Net earnings, as adjusted 2,404
EPS, as reported
Basic $ 4.53
Diluted 4.26
EPS, as adjusted
Basic $ 4.72
Diluted 4.44