Carnival Cruises 2004 Annual Report Download - page 32

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Carnival Corporation & plc 29
the court’s final determination and also other factors,
such as the ability of other employers to settle their
liabilities, show that our share of the deficit would be
between $26 million and $113 million, based on the
estimated deficit of $1.44 billion.
Total expense for all of our defined benefit pension
plans, including our multiemployer plans, was $18 mil-
lion, $17 million and $11 million in fiscal 2004, 2003 and
2002, respectively.
Defined Contribution Plans
We have several defined contribution plans available
to most of our employees. We contribute to these plans
based on employee contributions, salary levels and length
of service. Total expense relating to these plans was
$12 million in each of fiscal 2004 and 2003 and $8 million
in fiscal 2002.
Note 14—Earnings Per Share
Our basic and diluted earnings per share were com-
puted as follows (in millions, except per share data):
Years Ended
November 30,
2004 2003 2002
Net income . . . . . . . . . . . . . . . . $1,854 $1,194 $1,016
Interest on dilutive
convertible notes. . . . . . . . . . 49 43 35
Net income for diluted
earnings per share. . . . . . . . . $1,903 $1,237 $1,051
Weighted-average common and
ordinary shares outstanding
. . . 802 718 587
Dilutive effect of
convertible notes. . . . . . . . . . 44 39 33
Dilutive effect of stock plans . . . 521
Diluted weighted-average
shares outstanding . . . . . . . . 851 759 621
Basic earnings per share . . . . . . $ 2.31 $ 1.66 $ 1.73
Diluted earnings per share. . . . . $ 2.24 $ 1.63 $ 1.69
The weighted-average shares outstanding for the
year ended November 30, 2003 includes the pro rata
Carnival plc shares since April 17, 2003.
Options to purchase 6.0 million, 8.4 million and 6.0
million shares for fiscal 2004, 2003 and 2002, respec-
tively, were excluded from our diluted earnings per share
computation since the effect of including them was
anti-dilutive.
Note 15—Supplemental Cash Flow Information
Total cash paid for interest was $250 million, $156
million and $110 million in fiscal 2004, 2003 and 2002,
respectively. In addition, cash paid for income taxes
was $8 million in fiscal 2004 and $20 million in fiscal
2003. Finally, we received a $60 million note on the sale
of Holland America Line’s Nieuw Amsterdam in fiscal
2002, which represented a noncash investing activity.