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## 11 Earnings Per Share 

A summary of the calculation of basic and diluted earnings per share (EPS) for the years ended December 31, 2002, 2001 and 2000 is as follows: 

<img src='content_image/12795.jpg'>

*ADTRAN ™ reported an impairment charge related to other-than-temporary declines in the fair value of equity securi- ties, resulting in an after-tax loss of $7,430,565 ($0.20 per share assuming dilution). 

**ADTRAN reported a realized investment gain from the sale of certain marketable equity securities, resulting in an after-tax gain of $55,410,000 ($1.39 per share assuming dilution). 

The following options were outstanding during the respective years shown below, but were not included in the computation of that year’s diluted EPS because the options’ exercise prices were greater than the average market price of the common shares shown below, therefore, making them anti-dilutive under the treasury method. 

## Outstanding Options 

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