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calculation of common equivalent shares during 2003, 2002 and 2001, respectively. Diluted earnings per share exclude the antidilutive effect of 5.6 million shares that would be issued upon exercise of the outstanding warrants associated with the PIERS units (See Note 16), as the Company could repurchase more shares than it issues with the exercise proceeds. 

## NOTE 20 COMPREHENSIVE INCOME 

The following table presents the components of the Company’s accumulated other comprehensive income for the years ended December 31, 2003, 2002 and 2001 (in thousands): 

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summary of the components of net unrealized appreciation of balances carried at fair value is as follows (in thousands): 

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Change in net unrealized appreciation on: 

