Symantec 2001 Annual Report Download - page 52

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The exit plans associated with each of the reductions in workforce and
facility closures above specifically identified all the significant actions,
including:
•the names of individuals who would not continue employment
with us;
•the termination dates and severance packages for each
terminating employee;
•the planned date we would vacate the facilities which were under
existing operating leases; and
•the specific excess equipment, furniture, fixtures and leasehold
improvements to be disposed of.
Employee severance and outplacement was primarily comprised of
severance packages for employees who were terminated as a result of
the restructurings.As part of each restructuring plan, we specifically
identified those individuals who would not continue employment
with us. The severance periods ranged from one to six months. The
total cost of the severance packages was accrued and included in a
restructuring charge after the identified employees had their severance
packages communicated to them. Additionally, we accrued estimated
costs associated with outplacement services to be provided to termi-
nating employees, as these costs have no future economic benefit to
us. The remaining accrual at March 31, 2001 was for outstanding
severance and outplacement costs.
Excess facilities and equipment included remaining lease payments
associated with building leases subsequent to their abandonment
dates. The cash outlays for these leases are to be made over the remain-
ing term of each lease. In addition, we reserved for the write-off of
site-specific equipment, furniture, fixtures and leasehold improve-
ments, which would no longer be utilized. The accrual at March 31,
2001 relates to the remaining lease payments, which will be paid over
the remaining lease term subsequent to the abandonment of each facility.
Note 13. Net Income Per Share
The components of net income per share were as follows:
Year Ended March 31
(In thousands, except per share data) 2001 2000 1999
Basic Net Income Per Share
Net income $ 63,936 $ 170,148 $ 50,201
Weighted average number of common shares outstanding during the period 64,737 57,870 56,601
Basic net income per share $ 0.99 $ 2.94 $ 0.89
Diluted Net Income Per Share
Net income $ 63,936 $ 170,148 $ 50,201
Interest on convertible subordinated debentures, net of income tax effect ——627
Net income, as adjusted $ 63,936 $ 170,148 $ 50,828
Weighted average number of common shares outstanding during the period 64,737 57,870 56,601
Shares issuable from assumed exercise of options 3,500 4,344 1,684
Shares issuable from assumed conversion of convertible subordinated debentures ——1,004
Total shares for purpose of calculating diluted net income per share 68,237 62,214 59,289
Diluted net income per share $ 0.94 $ 2.73 $ 0.86
For the year ended March 31, 2001, shares issuable from assumed exercise of options exclude approximately 4,157,000 options, as their effect on
diluted net income per share would have been anti-dilutive.
symantec 2001__50