LensCrafters 2004 Annual Report Download - page 109

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
108
The fair value of options granted was estimated on the
date of grant using the Black-Scholes option-pricing
model for options issued prior to January 1, 2004 and
using a binomial model for options issued after such
date with the following weighted average
assumptions:
Net income as reported
Deduct: stock-based compensation
expense determined under fair value
based method for all awards, net of taxes
Proforma (unaudited)
Basic earnings per share (Euro)
As reported
Pro-forma (unaudited)
Diluted earnings per share (Euro)
As reported
Pro-forma (unaudited)
In thousands of Euro
Year ended December 31
372,077
(9,359)
362,718
0.82
0.80
0.82
0.80
2002
267,343
(11,127)
256,216
0.60
0.57
0.59
0.57
2003
286,874
(9,964)
276,910
0.64
0.62
0.64
0.61
2004
Dividend yield
Risk-free interest rate
Expected option life (years)
Expected volatility
Weighted average fair value (Euro)
0.70%
4.48%
5
47.04%
7.37
2002
1.06%
3.65%
5
36.00%
5.45
2003
1.71%
2.92%
5.44
36.56%
5.10
2004