Notes to Consolidated Financial Statements
(Continued)
Note 13.
Earnings per Share:
Basic and diluted EPS from continuing and discontinued operations were calculated using the following:
|
(in millions) |
|
|
 |
|
|
For the Years Ended December 31, |
|
2004 |
|
|
|
2003 |
|
2002 |
|
|
|
Earnings from continuing |
|
|
|
|
|
|
|
|
|
|
operations |
|
$9,420 |
|
|
|
$9,121 |
|
$11,021 |
|
|
(Loss) earnings from discontinued |
|
|
|
|
|
|
|
|
|
|
operations |
|
(4 |
) |
|
|
83 |
|
81 |
|
|
|
Net earnings |
|
9,416 |
|
|
|
$9,204 |
|
$11,102 |
|
|
|
Weighted average shares for |
|
|
|
|
|
|
|
|
|
|
basic EPS |
|
2,047 |
|
|
|
2,028 |
|
2,111 |
|
|
Plus incremental shares from |
|
|
|
|
|
|
|
|
|
|
assumed conversions: |
|
|
|
|
|
|
|
|
|
|
Restricted stock and stock |
|
|
|
|
|
|
|
|
|
|
rights |
|
3 |
|
|
|
2 |
|
1 |
|
|
Stock options |
|
13 |
|
|
|
8 |
|
17 |
|
|
|
Weighted average shares for |
|
|
|
|
|
|
|
|
|
|
diluted EPS |
|
2,063 |
|
|
|
2,038 |
|
2,129 |
|
|
Incremental shares from assumed conversions are calculated as the number of shares that would be issued, net of the number of shares that could be purchased in the marketplace with the cash received upon stock option exercise or, in the case of restricted stock and rights, the number of shares corresponding to the unamortized compensation expense. For the 2004, 2003 and 2002 computations, 2 million, 43 million and 11 million stock options, respectively, were excluded from the calculation of weighted average shares for diluted EPS because their effects were antidilutive (i.e., the cash that would be received upon exercise is greater than the average market price of the stock during the year).
|
|