price over the fair value of amounts assigned to the net tangible assets acquired, was $56.0 million and $67.6 million at December 31, 2001 and 2000, respectively, and is being amortized over periods of 5 to 20 years. Amortization expense for the years ended December 31, 2001, 2000 and 1999 was $5.5, $4.6 million and $3.4 million, respectively. Goodwill was reduced by $12.3 million during 2001 due to the realization of operating loss carryforwards and other deferred tax attributes related to acquisitions. The pro forma effect on EMCOR’s revenues, net income and earnings per share for 1999, as though the acquisitions occurred as of January 1, was not material. The following tables summarize EMCOR’s calculation of Basic and Diluted Earnings per Share (“EPS”) for the years ended December 31, 2001, 2000 and 1999: NOTE D — EARNINGS PER SHARE NOTE C — ACQUISITIONS OF BUSINESSES — (continued) Income Shares Per Share 2001 (Numerator) (Denominator) Amount Basic EPS Income available to common stockholders $ 50,012,000 12,948,230 $ 3.86 Effect of Dilutive Securities: Convertible Subordinated Notes, including assumed interest savings, net of tax 1,735,395 1,820,273 Options — 471,705 Warrants — — Diluted EPS $ 51,747,395 15,240,208 $ 3.40 Income Shares Per Share 2000 (Numerator) (Denominator) Amount Basic EPS Income available to common stockholders $ 40,089,000 10,440,089 $ 3.84 Effect of Dilutive Securities: Convertible Subordinated Notes, including assumed interest savings, net of tax 3,967,500 4,206,291 Options — 297,306 Warrants — — Diluted EPS $ 44,056,500 14,943,686 $ 2.95 Income Shares Per Share 1999 (Numerator) (Denominator) Amount Basic EPS Income available to common stockholders $ 27,821,000 9,732,930 $ 2.86 Effect of Dilutive Securities: Convertible Subordinated Notes, including assumed interest savings, net of tax 4,099,750 4,206,291 Options — 245,893 Warrants — 259,708 Diluted EPS $ 31,920,750 14,444,822 $ 2.21 The number of EMCOR’s options granted, which were excluded from the computation of Diluted EPS for the years ended December 31, 2001, 2000 and 1999 because they would be antidilutive, were 210,100, 37,000 and 211,720, respectively. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS