Air Canada 2012 Annual Report Download - page 128

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2012 Air Canada Annual Report
128
15. EARNINGS PER SHARE
The following table outlines the calculation of basic and diluted earnings per share:
(in millions, except per share amounts) 2012 2011
Numerator:
Numerator for basic and diluted earnings per share:
Net income (loss) attributable to shareholders of Air Canada from continuing operations $182 $ (255)
Net loss attributable to shareholders of Air Canada from discontinued operations (55) –
Net income (loss) attributable to shareholders of Air Canada $127 $ (255)
Denominator:
Weighted-average shares 276 278
Effect of potential dilutive securities:
Warrants – 9
Stock options 1 1
Shares held in Trust for employee share-based compensation award 1 1
2 11
Add back anti-dilutive impact – (11)
Adjusted denominator for diluted earnings per share 278 278
Basic earnings (loss) per share from continuing operations $0.66 $ (0.92)
Diluted earnings (loss) per share from continuing operations $0.65 $ (0.92)
Basic and diluted earnings (loss) per share from discontinued operations $(0.20) $ –
Diluted earnings (loss) per share $0.45 $ (0.92)
The calculation of earnings per share is based on whole dollars and not on rounded millions. As a result, the above amounts may not be recalculated to the per share amount
disclosed above.
Basic EPS is calculated based on the weighted average number of ordinary shares in issue after deducting shares held in trust
for the purposes of the Employee Recognition Award.
Excluded from the 2012 calculation of diluted earnings per share were 7,865,000 (2011 – 5,897,000) outstanding options
where the options’ exercise prices were greater than the average market price of the ordinary shares for the year. In 2012 a
weighted average of 9,638,190 warrants (2011 – 80,478,701) were excluded from the calculation of diluted earnings per share
as the warrants’ exercise prices were greater than the average market price of the ordinary shares for the year.