S&P 500 PE Ratio

September 26, 2005

Quarter

EPS

 

Actual/Estimate

12-Mo. EPS

PE Ratio*

December 31, 2002

3.00

 

Actual

   

March 31, 2003

11.92

 

Actual

   

June 30, 2003

11.10

 

Actual

   

September 30, 2003

12.56

 

Actual

38.58

30.6

December 31, 2003

13.16

 

Actual

48.74

24.2

March 31, 2004

15.18

 

Actual

52.00

22.7

June 30, 2004

15.25

 

Actual

56.15

21.0

September 30, 2004

14.18

 

Actual

57.77

20.4

December 31, 2004

13.94

 

Actual

58.55

20.2

March 31, 2005

16.95

 

Actual

60.32

19.6

June 30, 2005

18.29

 

Actual

63.36

18.6

September 30, 2005

17.04

 

Estimate

66.22

17.8

December 31, 2005

17.34

 

Estimate

69.62

16.9

March 31, 2006

20.46

 

Estimate

73.13

16.1

June 30, 2006

20.47

 

Estimate

75.31

15.7

September 30, 2006

19.47

 

Estimate

77.74

15.2

December 31, 2006

17.90

 

Estimate

78.30

15.1

*at S&P 500 = 1,180
 
The PE ratio is based on 12-month trailing "as reported", or GAAP, earnings.