Notes to Consolidated Financial Statements
(Continued)
Note 12.
Earnings per Share:
Basic and diluted EPS were calculated using the following for the years ended December 31, 2003, 2002 and 2001:
|
 |
|
| (in millions) |
|
2003 |
|
|
2002 |
|
2001 |
|
|
|
|
Net earnings |
|
$9,204 |
|
|
$11,102 |
|
$8,560 |
|
|
|
|
Weighted average shares for |
|
|
|
|
|
|
|
|
|
|
basic EPS |
|
2,028 |
|
|
2,111 |
|
2,181 |
|
|
|
Plus incremental shares from |
|
|
|
|
|
|
|
|
|
|
assumed conversions: |
|
|
|
|
|
|
|
|
|
|
Restricted stock and stock rights |
|
2 |
|
|
1 |
|
7 |
|
|
|
Stock options |
|
8 |
|
|
17 |
|
22 |
|
|
|
|
Weighted average shares for |
|
|
|
|
|
|
|
|
|
|
diluted EPS |
|
2,038 |
|
|
2,129 |
|
2,210 |
|
|
|
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, the amount of the related unamortized compensation expense. For the 2003, 2002 and 2001 computations, 43 million, 11 million and 5 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). |  | |
