ANNUAL REPORT 2004 - Luxottica Group
ANNUAL REPORT 2004 - Luxottica Group
ANNUAL REPORT 2004 - Luxottica Group
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br />
In thousands of Euro<br />
Year ended December 31<br />
Net income as reported<br />
Deduct: stock-based compensation<br />
expense determined under fair value<br />
based method for all awards, net of taxes<br />
Proforma (unaudited)<br />
Basic earnings per share (Euro)<br />
As reported<br />
Pro-forma (unaudited)<br />
Diluted earnings per share (Euro)<br />
As reported<br />
Pro-forma (unaudited)<br />
The fair value of options granted was estimated on the<br />
date of grant using the Black-Scholes option-pricing<br />
model for options issued prior to January 1, <strong>2004</strong> and<br />
Dividend yield<br />
Risk-free interest rate<br />
Expected option life (years)<br />
Expected volatility<br />
Weighted average fair value (Euro)<br />
108<br />
2002<br />
372,077<br />
(9,359)<br />
362,718<br />
0.82<br />
0.80<br />
0.82<br />
0.80<br />
2003<br />
267,343<br />
(11,127)<br />
256,216<br />
0.60<br />
0.57<br />
0.59<br />
0.57<br />
<strong>2004</strong><br />
286,874<br />
(9,964)<br />
276,910<br />
0.64<br />
0.62<br />
0.64<br />
0.61<br />
using a binomial model for options issued after such<br />
date with the following weighted average<br />
assumptions:<br />
2002<br />
0.70%<br />
4.48%<br />
5<br />
47.04%<br />
7.37<br />
2003<br />
1.06%<br />
3.65%<br />
5<br />
36.00%<br />
5.45<br />
<strong>2004</strong><br />
1.71%<br />
2.92%<br />
5.44<br />
36.56%<br />
5.10
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