3Ware 2002 Annual Report Download - page 69

Download and view the complete annual report

Please find page 69 of the 2002 3Ware annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 79

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79

APPLIED MICRO CIRCUITS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Shares used in determining basic earnings (loss) per share are computed using the weighted average number
of common shares outstanding during each period. Shares used in determining diluted earnings (loss) per share
include the dilutive effect of common shares potentially issuable upon the exercise of stock options. The
reconciliation of shares used to calculate basic and diluted earnings (loss) per share consists of the following (in
thousands):
Fiscal Year Ended March 31,
2000 2001 2002
Shares used in basic earnings (loss) per share computations-weighted average
common shares outstanding ......................................... 215,640 267,363 298,502
Net effect of dilutive common share equivalents based on treasury stock
method ......................................................... 22,664 — —
Shares used in diluted earnings (loss) per share computations ................ 238,304 267,363 298,502
Because the Company incurred a loss in the years ended March 31, 2001 and 2002, the effect of dilutive
securities totaling 22,260 and 9,541 equivalent shares, respectively, have been excluded from the loss per share
computation as their impact would be antidilutive.
6. Long-Term Debt
The Company has various term notes payable to a bank, with monthly payments totaling approximately
$64,000 including interest, payable over 60 months, at interest rates between 6.5% and 7.35%. At March 31,
2002, approximately $1.2 million was outstanding on the notes.
Principal maturities of the notes payable at March 31, 2002 are as follows (in thousands):
Year ending March 31,
2003 ................................................................... $ 702
2004 ................................................................... 514
$1,216
7. Stockholders’ Equity
Authorized shares
On August 29, 2000, the Company’s stockholders approved an increase in the number of authorized shares
of common stock to 630 million.
Stock Splits
On each of October 30, 2000, March 23, 2000 and September 9, 1999, the Company effected two-for-one
stock splits in the form of 100% stock dividends. Accordingly, all share, per share, common stock and stock
option amounts have been restated to reflect the stock splits.
Stock Options and Other Stock Awards
The Company has in effect several stock-based plans under which non-qualified and incentive stock options
have been granted to employees and non-employee board members. These include two stockholder-approved
F-16