Form 10-K - Securities And Exchange Commission Page 41
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46Net income:
As reported
$
2,837
$
2,170
$
1,794
Pro forma
$
2,350
$
2,073
$
1,765
Basic earnings per share:
As reported
$
.40
$
.32
$
.25
Pro forma
$
.33
$
.30
$
.24
Diluted earnings per share:
As reported
$
.36
$
.29
$
.23
Pro forma
$
.30
$
.28
$
.22
29
Notes to Consolidated Financial Statements
($ in thousands, except share data)
12.
Stock Options (Continued):
The fair value of each option grant is estimated on the date of grant
using the Black-Scholes options-pricing model with the following weighted
average assumptions used for grants in 1999 and 1998: dividend yield of
0% and 0%; expected volatility of 54% and 60%; risk-free interest rate of
5.47% and 6.2%; and expected life of five and four years.
A summary of the status of the Plan as of February 25, 2000, February 26,
1999, and February 27, 1999, and changes during the years ending on those
dates is presented below.
2000
1999
------------------------
-------------------------
Weighted
Weighted
average
average
exercise
exercise
Shares
price
Shares
price
------
-----
------
-----
Outstanding at beginning of year
543,700
$
6.57
92,350
$
1.99
Granted
0
0
490,000
7.05
Exercised
(28,950)
3.59
(38,650)
1.78
Forfeited
(17,000)
4.86
-
-
-------
-------
Outstanding at end of year
497,750
543,700
6.57
-------
-------
Options exercisable at year end
52,563
26,850
Weighted average fair value of
options granted during the year
$
-
$
3.7
1998
--------------------------
Weighted
average
exercise
Shares
price
------
-----
Outstanding at beginning of year
197,620
$
1.88
Granted
-
-
Exercised
(79,670)
1.58
Forfeited
(25,600)
2.25
---------
--------
Outstanding at end of year
92,350
1.99
Options exercisable at year end
22,288
Weighted average fair value of
options granted during the year
$
-
30
Notes to Consolidated Financial Statements
($ in thousands, except share data)
12.
Stock Options (Continued):
The following information applies to options outstanding at February
25, 2000:
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