both goodwill and intangible assets and concluded that they had not been impaired. FAS 142 is effective for fiscal years beginning after December 15, 2001. The adoption of FAS 141 and FAS 142 did not have a material effect on the Company’s financial position or results of operations.  The following table sets forth the Company’s results had FAS 142 been applied to the prior-period financial statements presented herein. In April 2002, Statement of Financial Accounting Standards No. 145, “Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections” (“FAS 145”) was issued. FAS 145 updates, clarifies and simplifies existing accounting pronouncements and is generally effective for transactions occurring after May 15, 2002. The adoption of this statement did not have a material impact on the Company's financial position or results of operations. In December 2002, Statement of Financial Accounting Standards No. 148 “Accounting for Stock-Based Compensation – Transition and Disclosure – an amendment of FAS 123” (FAS 148) was issued. FAS 148 amends FAS 123, “Accounting for Stock-Based Compensation”, to provide alternative methods of transition for a voluntary change to the fair value based method of In November 2002, the Emerging Issues Task Force (EITF) reached a consen- sus in EITF 00-21 “Revenue Arrangements with Multiple Deliverables”. The consensus, which is effective for contracts entered into in fiscal periods beginning after June 15, 2003, requires that a Company should evaluate all deliverables in an arrangement to determine whether they represent sepa- rate units of accounting. That evaluation must be performed at the inception of the arrangement and as each item in the arrangement is delivered. Arrangement consideration should be then allocated among the separate 31 In June 2002, Statement of Financial Accounting Standards No. 146, “Accounting for Exit or Disposal Activities” (“FAS 146”) was issued. FAS 146 addresses the accounting for costs to terminate a contract that is not a capital lease, costs to consolidate facilities and relocate employees, and involuntary termination benefits under one-time benefit arrangements that are not an ongoing benefit program or an individual deferred compensation contract. A liability for contract termination costs should be recognized and measured at fair value either when the contract is terminated or when the entity ceases to use the right conveyed by the contract. A liability for one- time termination benefits should be recognized and measured at fair value at the communication date if the employee would not be retained beyond a minimum retention period (i.e., either a legal notification period or 60 days, if no legal requirement exists). For employees that will be retained beyond the minimum retention period, a liability should be accrued ratably over the future service period. The provisions of the statement will be effective for disposal activities initiated after December 31, 2002. The adoption of this statement is not expected to have a material impact on the Company's financial position or results of operations. In June 2001, Statement of Financial Accounting Standards No. 143, “Accounting for Asset Retirement Obligations” (“FAS 143”) was issued. FAS 143 addresses financial accounting and reporting for legal obligations asso- ciated with the retirement of tangible long-lived assets and the associated retirement costs that result from the acquisition, construction, or develop- ment and normal operation of a long-lived asset. Upon initial recognition of a liability for an asset retirement obligation, FAS 143 requires an increase in the carrying amount of the related long-lived asset. The asset retirement cost is subsequently allocated to expense using a systematic and rational method over the assets useful life. FAS 143 is effective for fiscal years begin- ning after June 15, 2002. The adoption of this statement is not expected to have a material impact on the Company’s financial position or results of operations. accounting for stock-based employee compensation. In addition, FAS 148 amends the disclosure requirements of FAS 123 to require prominent disclo- sures in both annual and interim financial statements about the method of accounting for stock-based employee compensation and the effect of the method used on reported results. The Company has adopted these amended disclosure requirements (See Note 2 to the Consolidated Financial Statements) under the heading “Accounting for Stock Based Compensation Plans” and will implement the required interim disclosures beginning in the first quarter of 2003. Statements of Financial Accounting Standards Not Yet Adopted: December 31, 2002 2001 2000 Reported Net Income $34,562 $22,160 $17,683 Reversal of Goodwill Amortization - net of tax 0 317 317 Adjusted Net Income excluding Goodwill Amortization $34,563 $22,477 $18,000 Adjusted Basic EPS excluding Goodwill Amortization $0.58 $0.39 $0.32 Adjusted Diluted EPS excluding Goodwill Amortization $0.54 $0.37 $0.30 In August 2001, Statement of Financial Standards No. 144, “Accounting for the Impairment or Disposal of Long-lived Assets” (“FAS 144”) was issued. FAS 144 supersedes Statement of Financial Accounting Standards No. 121, “Accounting for the Impairment of Long-lived Assets to be Disposed of,” and the accounting and reporting provisions of APB Opinion No. 30, “Reporting the Results of Operations-Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently occurring Events and Transactions.” FAS 144 also amends ARB (“Accounting Research Bulletins”) No. 51, Consolidated Financial Statements, to eliminate the exception to consolidation for a subsidiary for which control is likely to be temporary. FAS 144 retains the fundamental provisions of FAS 121 for recognizing and measuring impairment losses on long-lived assets held for use and long-lived assets to be disposed of by sale, while resolving significant implementation issues associated with FAS 121. Among other things, FAS 144 provides guid- ance on how long-lived assets used as part of a group should be evaluated for impairment, establishes criteria for when long-lived assets are held for sale, and prescribes the accounting for long-lived assets that will be dis- posed of other than by sale. FAS 144 is effective for fiscal years beginning after December 15, 2001. The adoption of FAS 144 did not have a material impact on the Company’s financial position and results of operations. Notes to Consolidated Financial Statements (in thousands, except share and per share data)