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The Board of Directors of the Company authorized a stock repurchase program to buy back up to 2,639,395 outstanding shares. As of July 1, 2001, 2,160,026 shares have been repurchased at a cost of approximately $69.0 million. 

## EARNINGS PER SHARE (EPS) 

A reconciliation of the components of the basic and diluted per share computations follows (thousands of dollars, except per share amounts): 

<img src='content_image/57935.jpg'>

Options to purchase the following shares of common stock were outstanding as of each date indicated but were not included in the computation of diluted EPS because the options’ exercise prices were greater than the average market price of the common shares: 

<img src='content_image/57937.jpg'>

## STOCK OPTION AND PURCHASE PLANS 

The Company maintains an omnibus stock incentive plan, which provides for the granting of stock options. The Board of Directors has designated 1,200,000 shares of the Company’s common stock available for grant under the plan at a price not less than the fair market value on the date the option is granted. Options become exercisable as determined at the date of grant by a committee of the Board of Directors and expire 5 to 10 years after the date of grant unless an earlier expiration date is set at the time of grant. 

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