WeightWatchers 2004 Annual Report Download - page 81

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WEIGHT WATCHERS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
7. Redeemable Preferred Stock (Continued)
through additional borrowings of $12,000 under the Credit Facility (as defined in Note 6), which was
repaid by the end of the second quarter 2002, and cash from operations.
8. Treasury Stock
On October 9, 2003, the Company, at the direction of WWI’s Board of Directors, authorized a
program to repurchase up to $250,000 of the Company’s outstanding common stock. The repurchase
program allows for shares to be purchased from time to time in the open market or through privately
negotiated transactions. No shares will be purchased from Artal Luxembourg or its affiliates under the
program. In the fourth quarter of 2003, the Company purchased 784 shares of common stock in the
open market at a total cost of $28,815. In fiscal 2004, the Company purchased 4,668 shares of common
stock in the open market at a total cost of $177,081.
9. Earnings Per Share
Basic earnings per share (‘‘EPS’’) computations are calculated utilizing the weighed average
number of common shares outstanding during the periods presented. Diluted EPS is calculated utilizing
the weighted average number of common shares outstanding adjusted for the effect of dilutive common
stock equivalents.
F-19