Pension plan assets consist of listed stocks and government obligations, including 317,552 of the Company’s common shares at April 30, 2003 and April 30, 2002. The market value of these shares is $11,521,000 at April 30, 2003. The Company paid dividends of $245,000 on these shares during fiscal 2003. Prior service costs are being amortized over the average remaining service lives of the employees expected to receive benefits. 

The Company also charged to operations approximately $1,129,000, $958,000, and $870,000 in fiscal 2003, 2002, and 2001, respectively, for contributions to foreign pension plans and to plans not administered by the Company on behalf of employees subject to certain labor contracts. These amounts were determined in accordance with foreign actuarial computations and provisions of the labor contracts. The Company is unable to determine its share of either the accu- mulated plan benefits or net assets available for benefits under such plans. 

In addition, certain of the Company’s active employees participate in multiemployer plans that provide defined post- retirement health care benefits. The aggregate amount contributed to these plans, including the charge for net periodic postretirement benefit costs, totaled $2,316,000, $1,851,000, and $1,719,000 in fiscal 2003, 2002, and 2001, respectively. 

## Note I: Savings Plans 

ESOP: The Company sponsors an Employee Stock Ownership Plan and Trust (ESOP) for certain domestic, nonrepre- sented employees. The Company has entered into loan agreements with the Trustee of the ESOP for purchases by the ESOP of the Company’s common shares in amounts not to exceed a total of 1,134,120 unallocated common shares of the Company at any one time. These shares are to be allocated to participants over a period of not less than 20 years. ESOP loans bear interest at one-half percentage point over prime and are payable as shares are allocated to participants. Interest incurred on ESOP debt was $406,000, $538,000, and $768,000 in fiscal 2003, 2002, and 2001, respectively. Contributions to the plan are made annually in amounts sufficient to fund ESOP debt repayment. Dividends on unal- located shares are used to reduce expense and were $368,000, $336,000, and $362,000 in fiscal 2003, 2002, and 2001, respec- tively. The principal payments received from the ESOP in fiscal 2003, 2002, and 2001 were $469,000, $364,000, and $297,000, respectively. 

As permitted by Statement of Position 93-6, Employers’ Accounting for Employee Stock Ownership Plans , the Company will continue to recognize future compensation using the cost basis as all shares currently held by the ESOP were acquired prior to 1993. At April 30, 2003, the ESOP held 458,419 unallocated shares. All shares held by the ESOP were considered outstanding in earnings per share calculations for all periods presented. 

401(k) Plan: The Company offers employee savings plans under Section 401(k) of the Internal Revenue Code for all domestic employees not covered by certain collective bargaining agreements. The Company’s contributions under these plans are based on a specified percentage of employee contributions. Charges to operations for these plans in fiscal 2003, 2002, and 2001 were $2,635,000, $1,445,000, and $1,421,000, respectively. 

## ■■■ Note J: Stock Benefit Plans ■■■ 

The Company provides for equity-based incentives to be awarded to key employees through the 1998 Equity and Performance Incentive Plan, the Restricted Stock Bonus Plan adopted in 1979, and the 1987 Stock Option Plan, and to nonemployee directors through the Nonemployee Director Stock Option Plan adopted in fiscal 2002. 

1998 Equity and Performance Incentive Plan: This plan provides for the issuance of stock options and restricted stock, which may include performance criteria, as well as stock appreciation rights, deferred shares, and performance shares. At April 30, 2003, there were 2,472,779 common shares available for future issuance under this plan. Of this total amount available for issuance, the amount of restricted stock available for issuance is limited to 891,726 common shares. Restricted stock issued under this plan is subject to a risk of forfeiture for at least three years in the event of termina- tion of employment or failure to meet performance criteria, if any. All restricted shares issued to date under the plan are subject to a four-year forfeiture period. Options granted under this plan become exercisable at the rate of one-third per year, beginning one year after the date of grant, and the option price is equal to the market value of the shares on the date of the grant. 

