World Fuel Services 2004 Annual Report Download - page 64

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The following table reflects pro forma net income and earnings per share if the fair value based method had been applied
to all outstanding and unvested stock-based awards in each period (in thousands, except earnings per share):
For the
Nine Months
ended
For the Year ended December 31, December 31,
2004 2003 2002 2002
Restated Restated Restated
(Unaudited)
Net income:
Net income 28,559$ 22,161$ 14,153$ 10,047$
Add: Employee and non-employee compensation expense
net of taxes, included in reported net income for
restricted stock and stock options granted 1,050 569 311 223
Deduct: Employee and non-employee compensation
expense, net of taxes, determined under the fair value
method for restricted stock and stock options granted (1,079) (636) (458) (325)
Pro forma net income 28,530$ 22,094$ 14,006$ 9,945$
Basic earnings per share:
As reported 1.29$ 1.04$ 0.68$ 0.48$
Pro forma 1.29$ 1.04$ 0.67$ 0.48$
Diluted earnings per share:
As reported 1.22$ 0.99$ 0.65$ 0.46$
Pro forma 1.22$ 0.99$ 0.64$ 0.46$
Earnings Per Share
Basic earnings per share is computed based on the weighted average number of common shares outstanding. Diluted
earnings per share is based on the sum of the weighted average number of common shares outstanding, non-vested restricted
common stock and common stock equivalents arising out of employee stock options and non-employee stock options and
warrants. Our net income is the same for basic and diluted earnings per share calculations. Shares used to calculate earnings
per share are as follows (in thousands):
For the
Nine Months
ended
For the Year ended December 31, December 31,
2004 2003 2002 2002
(Unaudited)
Basic weighted average shares 22,104 21,234 20,898 20,936
Restricted stock and stock units weighted average shares 392 276 122 144
Common stock equivalents 958 828 770 720
Diluted weighted average shares used in the
calculation of diluted earnings per share 23,454 22,338 21,790 21,800
Weighted average shares of stock options
and warrants included in the determination
of common stock equivalents for the
calculation of diluted earnings per share 2,574 2,866 2,848 2,336
Weighted average shares of stock options
which are not included in the calculation
of diluted earnings per share because
their impact is antidilutive 42 314 704 336
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