Consolidated Statements of Changes in Stockholders’ Equity (Dollar amounts in thousands) Accumulated Additional Other Total Common Stock Paid-in Retained Comprehensive Stockholders’ Shares Amount Capital Earnings Income (Loss) Equity Balances, December 31, 1997 6,411,402 $ 64 $ 38,725 $ 32,277 $ (287) $ 70,779 Net income 12,581 12,581 Issuance of common stock  under stock option plans 36,334 45 45 Repurchase of common stock (220) (4) (4) Minimum pension liability  adjustment 231 231 Tax benefit of stock options  exercised 83 83 Balances, December 31, 1998 6,447,516 64 38,849 44,858 (56) 83,715 Net income  13,285 13,285 Issuance of common stock  under stock option plans 4,219 14 14 Issuance of common stock  under employee stock  purchase plan 8,195 94 94 Minimum pension liability  adjustment 56 56 Tax benefit of stock options  exercised 5 5 Balances, December 31, 1999 6,459,930 64 38,962 58,143 – 97,169 Net income  10,691 10,691 Issuance of common stock  under stock option plans 19,969 19 19 Issuance of common stock  under employee stock  purchase plan 18,182 1 180 181 Minimum pension liability  adjustment (217) (217) Tax benefit of stock options  exercised 6 6 Balances, December 31, 2000 6,498,081 $ 65 $ 39,167 $ 68,834 $ (217) $107,849 The accompanying notes are an integral part of these consolidated financial statements. Northwest Pipe Company | 15