Hess 1999 Annual Report Download - page 43

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12. Net Income Per Share
The weighted average number of common shares used in the
basic and diluted earnings per share computations are sum-
marized below:
Thousands of shares 1999 1998 1997
Common shares—basic 89,692 89,585 91,254
Effect of dilutive securities
Nonvested common stock 436
—
428
Stock options 152
—
51
Common shares—diluted 90,280 89,585 91,733
Diluted common shares include shares that would be out-
standing assuming the fulfillment of restrictions on nonvested
shares and the exercise of stock options. In 1998, the above
table excludes the antidilutive effect of 666,000 nonvested
common shares and 78,000 stock options. The table also
excludes the effect of out-of-the-money options on 1,609,000
shares, 1,626,000 shares and 867,000 shares in 1999, 1998 and
1997, respectively.
13. Leased Assets
The Corporation and certain of its subsidiaries lease floating
production systems, drilling rigs, tankers, gasoline stations,
office space and other assets for varying periods. At December
31, 1999, future minimum rental payments applicable to
capital and noncancelable operating leases with remaining
terms of one year or more (other than oil and gas leases) are
as follows:
Operat ing Capital
Thousands of dollars Leases Leases
2000 $ 274,551 $ 1,156
2001 172,149 1,156
2002 106,186 1,156
2003 90,570 1,156
2004 86,727 1,156
Remaining years 403,651 5,781
Total minimum lease payments 1,133,834 11,561
Less: Imputed interest
—
3,229
Income from subleases 17,263
—
Net minimum lease payments $1,116,571*$ 8,332
Capitalized lease obligations—
Current $ 531
Long-term 7,801
Total $ 8,332
*Of the total future minimum payments under operating leases, $79,590 has been
accrued at December 31, 1999.
Rental expense for all operating leases, other than rentals
applicable to oil and gas leases, was as follows:
Thousands of dollars 1999 1998 1997
Total rental expense $156,362 $178,560 $195,246
Less income from subleases 51,418 29,979 11,792
Net rental expense $104,944 $148,581 $183,454
41