Audiovox 2003 Annual Report Download - page 95

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AUDIOVOX CORPORATION AND SUBSIDIARIES
Notes to Consolidated Financial Statements, Continued
November 30, 2001, 2002 and 2003
(Dollars in thousands, except share and per share data)
liabilities and their respective tax bases and operating loss and
tax credit carryforwards. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are
expected to be recovered or settled (Note 14). The effect on
deferred tax assets and liabilities of a change in tax rates is
recognized in income in the period that includes the enactment
date.
(s) Net Income (Loss) Per Common Share
Basic net income (loss) per common share is based upon the
weighted average number of common shares outstanding during the
period. Diluted net income (loss) per common share reflects the
potential dilution that would occur if securities or other
contracts to issue common stock were exercised or converted into
common stock.
A reconciliation between the numerators and denominators of the
basic and diluted income (loss) per common share is as follows:
Years Ended
November 30,
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
2001 2002 2003
−−−−−−−−−−−−−− −−−−−−−−−−−−− −−−−−−−−−−−
Note (2)
Net income (loss) (numerator for net income (loss) per
common share, basic) $ (7,198) $ (14,040) $ 11,239
Interest on 6 1/4% convertible subordinated debentures,
net of tax 5 −− −−
−−−−−−−−−−−−−− −−−−−−−−−−−−− −−−−−−−−−−−
Adjusted net income (loss) (numerator for net income
per common share, diluted) $ (7,203) $ (14,040) $ 11,239
============== ============= ===========
Weighted average value of common shares outstanding
(denominator for net income (loss) per common
share, basic) 21,877,100 21,850,035 21,854,610
Effect of dilutive securities:
Employee stock options and stock warrants −− −− 199,710
−−−−−−−−−−−−−− −−−−−−−−−−−−− −−−−−−−−−−−
Weighted average value of common and potential
common shares outstanding (denominator for net
income (loss) per common share, diluted) 21,877,100 21,850,035 22,054,320
============== ============= ===========
Net income (loss) per common share before cumulative
effect of accounting change for negative goodwill:
Basic $ (0.33) $ (0.65) $ 0.51
============== ============= ===========
Diluted $ (0.33) $ (0.65) $ 0.51
============== ============= ===========
Net income (loss) per common share:
Basic $ (0.33) $ (0.64) $ 0.51
============== ============= ===========
Diluted $ (0.33) $ (0.64) $ 0.51
============== ============= ===========
(Continued)
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