Logitech 2003 Annual Report Download - page 160
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F-11
LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2003 2002 2001
Net income:
As reported......................................................................................... 98,843$ 74,956$ 45,068$
Add back: Stock-based employee compensation expense
included in reported net income....................................................... 92 196 437
Deduct: total stock-based compensation expense determined
under the fair value based method, net of related tax....................... (21,300) (19,380) (13,715)
Pro forma net income........................................................................
.
77,635$ 55,772$ 31,790$
Basic earnings per share and ADS:
As reported......................................................................................... 2.15$ 1.67$ 1.07$
Pro forma basic net income per share and ADS................................. 1.69$ 1.24$ 0.75$
Diluted earnings per share and ADS:
As reported......................................................................................... 1.97$ 1.50$ 0.96$
Pro forma diluted net income per share and ADS.............................. 1.56$ 1.13$ 0.68$
Year ended March 31,
(in thousands, except per share data)
The fair value of the grants under the purchase plans and stock option plans was estimated using the Black-
Scholes valuation model with the following assumptions and values:
2003 2002 2001 2003 2002 2001
Dividend yield.......................................... 0 0 0 0 0 0
Expected life............................................ 6 months 6 months 6 months 3.3 years 2.9 years 2.7 years
Expected volatility................................... 67% 67% 70% 72% 69% 66%
Risk-free interest rate............................... 1.75% 3.625% 4.25% 1.75% 3.625% 4.25%
Weighted average fair value of grant....... 14.50$ 9.20$ 9.00$ 15.00$ 12.06$ 13.80$
Year ended March 31,
Purchase Plans Stock Option Plans