current market price of the underlying stock exceeded the exercise price.  SFAS No. 123, "Accounting for Stock-Based
Compensation," established accounting and disclosure requirements using a fair value-based method of accounting for
stock-based employee compensation plans.  As allowed by SFAS No. 123, the Company has elected to continue to
apply the intrinsic value-based method of accounting described above, and has adopted the disclosure requirements of
SFAS No. 123, as amended by SFAS No. 148, "Accounting for Stock-Based Compensation-Transition and 
Disclosure-an amendment of FASB Statement No. 123."  
Grants of options under the Plan are accounted for following the APB Opinion No. 25 and related interpretations.
Accordingly, no compensation expense has been recognized under the Plan.  Had compensation expense been 
recorded, based on fair values of the awards at the grant date (the method prescribed in SFAS No. 123), reported net
income and earnings per share would have been reduced to the pro forma amounts shown in the following table:
$ 31,889
Earnings per share:  Basic income (loss) per share is computed by dividing net income (loss) by the weighted average
number of common shares outstanding during the year.  Diluted income (loss) per share is computed by dividing the income
(loss) by the sum of the weighted average number of common shares outstanding and potential dilutive common shares
determined using the treasury stock method.  Because the Company reported a net loss from continuing operations in 2002,
the diluted income (loss) per share is the same as basic income (loss) per share since including any
21 ■ 2003 ANNUAL REPORT
(in thousands, except per share amounts)