42 Deferred income taxes reflect temporary differences in the recognition of revenue and expense for tax reporting and  financial statement purposes. Deferred tax liabilities and assets were composed of the  following at the end of 2001 and 2000: In 1998, the Board authorized the company to repurchase  up to $750 million of company stock and in 2000, the Board approved an authorization for the repurchase of up to an addi- tional $1 billion in common stock. The company purchased approximately 6 million shares of common stock in 1998 for $329 million, approximately 2.4 million shares in 1999 for  $163 million, and approximately 14.7 million shares in 2000 for $967 million. In May 2000, the company’s shareholders approved an amendment to the company’s certificate of incorporation to increase the authorized number of shares to 802,000,000, of which 800,000,000 shares shall be common stock and 2,000,000 shares shall be preferred stock, both with a $1 par value.  In May 2001, the company’s shareholders approved the adoption of the Omnibus Incentive Compensation Plan (the Plan), which replaced the 1978 Long-Term Executive Incentive Plan (1978 Plan). The Plan, which will be administered by the Executive Compensation Committee of the Board of Directors, as was the 1978 Plan, provides for the issuance of up to 12 mil- lion shares of Company common stock for awards granted on or after May 7, 2001. No more than 1,500,000 of the authorized shares may be granted in the aggregate in the form of Restricted Stock, Performance Shares and/or Performance Units. The Plan provides for the granting of stock options, stock appreciation rights, restricted stock and other equity-based and cash-based awards. Awards may be granted to employees of the company and members of the board of directors. The 1978 Plan did not provide for granting awards to members of the board. The Plan provides that shares of common stock subject to awards granted under the Plan become available again for issuance under the Plan if such awards are canceled or forfeited. A similar feature existed under the 1978 plan but with the adoption of the Omnibus Plan, canceled or forfeited shares subject to grants under the 1978 plan are permanently retired. Stock options may be granted as either non-qualified stock options or incentive stock options. The options are granted to purchase common stock of the company at not less than 100% of the fair market value on the day the option is granted. Options are exercisable at such times and subject to such terms and con- ditions as the Executive Compensation Committee determines but generally the exercise period is ten years and the options become exercisable at 25% per year after a one-year waiting period. Under the 1978 Plan, options issued prior to 1996 had an eight-year exercise period. The Plan restricts the granting of stock options to any participant in any fiscal year to no more than 1,000,000 shares. The limit under the 1978 Plan was 350,000 shares.  The 2001, 2000 and 1999 diluted earnings per share amounts exclude the effects of approximately 10.6 million, 5.4 million and 3.2 million stock options outstanding, respectively,  as their inclusion would be antidilutive. In thousands of dollars In thousands, except per share amounts The company’s earnings per share from continuing operations (basic and diluted) for 2001, 2000 and 1999 are presented below: Dec. 30, 2001 Dec. 31, 2000 Liabilities Accelerated depreciation $ 338,941 $ 341,786 Accelerated amortization of  deductible intangibles 142,748 117,302 Pension 149,388 26,858 Other 134,577 109,963 Total deferred tax liabilities 765,654 595,909 Assets Accrued compensation costs (59,724) (75,411) Postretirement medical and life (156,770) (157,737) Other (45,763) (87,932) Total deferred tax assets (262,257) (321,080) Net deferred tax liabilities $ 503,397 $ 274,829 2001 2000 1999 Income from continuing operations $831,197 $971,940 $919,387 Weighted average number of common shares  outstanding (basic) 264,821 266,426 279,048 Effect of dilutive securities Stock options 1,761 1,557 2,217 Stock incentive rights 251 135 343 Weighted average number of common shares outstanding (diluted) 266,833 268,118 281,608 Earnings per share from continuing operations (basic) $3.14 $3.65 $3.29 Earnings per share from continuing operations (diluted) $3.12 $3.63 $3.26 NOTE 8 Capital stock, stock options, incentive plans