iHeartMedia 2002 Annual Report Download - page 100

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(In thousands, except per share data)
* Denotes items that are anti-dilutive to the calculation of earnings per share.
NOTE K —EMPLOYEE STOCK AND SAVINGS PLANS
The Company has various 401(K) savings and other plans for the purpose of providing retirement benefits for substantially all employees. Both
the employees and the Company make contributions to the plan. The Company matches a portion of an employee’s contribution. Company
matched contributions vest to the employees based upon their years of service to the Company. Contributions to these plans of $21.4 million,
$21.9 million and $12.5 million were charged to expense for 2002, 2001 and 2000, respectively.
The Company has a non-qualified employee stock purchase plan for all eligible employees. Under the plan, shares of the Company’scommon
stock may be purchased at 85% of the market value on the day of purchase. Employees may purchase shares having a value not exceeding ten
percent (10%) of their annual gross compensation or $25,000, whichever is lower. During 2002, 2001 and 2000, employees purchased 319,817,
265,862 and 118,941 shares at weighted average share prices of $33.85, $45.26 and $64.00, respectively.
In 2001, the Company initiated a non-qualified deferred compensation plan for highly compensated executives allowing deferrals of a portion
of their annual salary and up to 80% of their bonus before taxes. The Company does not match any deferral amounts and retains ownership of
all assets until distributed. The liability under this deferred compensation plan at December 31, 2002 and 2001 was approximately $3.5 million
and $.6 million, respectively.
92
2002 2001 2000
DENOMINATOR:
Weighted average common shares 606,861 591,965 423,969
Effect of dilutive securities:
Stock options and common stock warrants 3,911 11,731* 10,872
Convertible debt –2.625% issued in 1998 8,855 9,282*9,282*
Convertible debt –1.5% issued in 1999 7,813 9,454* 9,454*
LYONS –1996 issue —1,743*3,870
LYONS –1998 issue 3,085* 3,085* 3,085*
Less: Anti-dilutive items (3,085)(35,295)(21,821)
Denominator for net income (loss) per common share
—
diluted 627,440 591,965 438,711
Net income (loss) per common share:
Income (loss) before cumulative effect of a change in accounting principle -
Basic $ 1.20 $ (1.93) $ .59
Cumulative effect of a change in accounting principle
—
Basic (27.65) —
—
Net income (loss) —Basic $ (26.45) $ (1.93) $ .59
Income (loss) before cumulative effect of a change in accounting principle -
Dilute
d
$1.18 $(1.93) $ .57
Cumulative effect of a change in accounting principle
—
Dilute
d
(26.74) —
—
Net income (loss) —Dilute
d
$(25.56) $ (1.93) $ .57