EX-11 10 ex11-2.txt CALCULATION OF DILUTED EARNINGS PER SHARE EXHIBIT 11.2 LANDSTAR SYSTEM, INC. AND SUBSIDIARY CALCULATION OF DILUTED EARNINGS PER SHARE (In thousands, except per share amounts) (Unaudited)
Fiscal Years Ended December 28, December 29, December 30, 2002 2001 2000 ------------ ------------ ------------ Net income $ 49,221 $ 42,794 $ 45,194 ============ ============ ============ Average number of common shares outstanding (1) 16,141 16,672 17,562 Plus: Incremental shares from assumed exercise of stock options (1) 626 420 400 ------------ ------------ ------------ Average number of common shares and incremental shares outstanding (1) 16,767 17,092 17,962 ============ ============ ============ Diluted earnings per share (1) $ 2.94 $ 2.50 $ 2.52 ============ ============ ============
(1) All earnings per share amounts and average number of shares outstanding have been restated to give retroactive effect to a two-for-one stock split effected in the form of a 100% stock dividend declared July 17, 2002. 40