ICICI Bank 2003 Annual Report Download - page 130
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F66
notes to the consolidated financial statements
Continued
to provide alternative methods of transition for a voluntary change to the fair value based method of accounting for
stock-based employee compensation. In addition, SFAS No. 148 amends the disclosure requirements of
SFAS No. 123 to require prominent disclosures in both annual and interim financial statements about the method
of accounting for stock based employee compensation and the effect of the method used on reported results. The
disclosure provisions of SFAS No. 148 are applicable for fiscal periods beginning after December 15, 2002.
Had compensation cost been determined in a manner consistent with the fair value approach described in
SFAS No. 123, the Company’s net income and earnings per share as reported would have changed to the amounts
indicated below:
Year ended March 31,
2001(1) 2002(2) 2003
Net income/(loss) (in Rs. millions) Rs. Rs. Rs.
As reported 6,630 1,547 (7,983)
Add: Stock based employee compensation
expense included in reported net income,
net of tax effects 37 26 7
Less: Stock based employee compensation
expense determined under fair value based
method, net of tax effects (128) (58) (358)
Pro forma net income / (loss) 6,539 1,515 (8,334)
Earnings / (loss) per share: Basic (in Rs.)
As reported 16.88 3.94 (14.18)
Pro forma 16.65 3.86 (14.80)
Earnings / (loss) per share: Diluted (in Rs.)
As reported 16.81 3.94 (14.18)
Pro forma 16.59 3.86 (14.80)
(1) Restated for reverse acquisition.
(2) Restated for reverse acquisition and adoption of SFAS No. 147.
The fair value of the options is estimated on the date of the grant using the Black- Scholes options pricing model,
with the following assumptions:
2001 2002 2003
Dividend yield 5.9% 5.5% 1.7%
Expected life 10 years 10 years 10 years
Risk free interest rate 10.4% 7.4% 8.9%
Volatility 30% 55% 54%
Dividends
Dividends on common stock and the related dividend tax are recognized on approval by the Board of Directors.
Earnings / (Loss) per share
Basic earnings / (loss) per share is computed by dividing net income / (loss) by the weighted average number of
common stock outstanding during the period. Diluted earnings / (loss) per share reflects the potential dilution that
could occur if securities or other contracts to issue equity shares were exercised or converted.
Reclassifications
Certain other reclassifications have been made in the financial statements of prior years to conform to classifications
used in the current year. These changes had no impact on previously reported results of operations or stockholders’
equity.