Greg, here is some info taken directly from the annual report.
from page 28
1997 - # shares in per share calc. (diluted) 189,129,000, net (.66)
1996 - # shares in per share calc. (diluted) 196,246,000, net .94
1995 - # shares in per share calc. (diluted) 175,216,000 ,net .30
then on page 29
share balance 12/31/95 ---------171,858,000
effect of pooling -------------- 3,129,000
Exer. of warrants, Netstar------ 399,000
Issue of new stock,
employee stock option,
and purchase plans-------------- 6,695,000
Issuance of common stock-------- 444,000
share balance 12/31/96 ---------182,525,000
effect of pooling -------------- 1,350,000
Purchase of Sahara-------------- 2,386,000
Issue of new stock,
employee stock option,
and purchase plans-------------- 4,955,000
share balance 12/31/97 ---------191,216,000
Now I'm not sure why the share numbers on page 28 and 29 are different
(maybe an accountant can help us out here), but one thing seems
clear. Absent the acquisitions, share growth from employee option and
stock purchase plans is anything but linear. And 10% or 7.5% or 5%
may be a little high. Maybe 2.5 or 3% is more realistic.
Other items of interest, on page 36, they do talk about the re-pricing
of options, obviously due to the share price falling, and on page 37,
Outstanding Options
exercisable at 12/31/97 --- 28,607,600 at aver. price of 23.47
Options available
for grant at 12/31/97 --- 4,136,658
I not sure if either of the above items is included in any of the
share numbers above.
So what's my point? I don't know. But these numbers do look a little
different than yours.
Gary |
