Avon 2014 Annual Report Download - page 88
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
stock units, which contain non-forfeitable rights to dividend equivalents. We compute basic EPS by dividing net (loss) income allocated to
common shareholders by the weighted-average number of shares outstanding during the year. Diluted EPS is calculated to give effect to all
potentially dilutive common shares that were outstanding during the year.
For each of the three years ended December 31 the components of basic and diluted EPS were as follows:
(Shares in millions) 2014 2013 2012
Numerator from continuing operations:
(Loss) income from continuing operations less amounts attributable to
noncontrolling interests $(388.6) $ (5.5) $ 89.0
Less: Loss (earnings) allocated to participating securities 4.7 .1 (.8)
(Loss) income from continuing operations allocated to common shareholders (383.9) (5.4) 88.2
Numerator from discontinued operations:
Loss from discontinued operations less amounts attributable to noncontrolling
interests $ – $ (50.9) $(131.5)
Less: Loss allocated to participating securities – .5 1.0
Loss allocated to common shareholders – (50.4) (130.5)
Numerator attributable to Avon:
Loss attributable to Avon less amounts attributable to noncontrolling interests $(388.6) $ (56.4) $ (42.5)
Less: Loss allocated to participating securities 4.7 .5 .3
Loss allocated to common shareholders (383.9) (55.9) (42.2)
Denominator:
Basic EPS weighted-average shares outstanding 434.5 433.4 431.9
Diluted effect of assumed conversion of stock options – – .6
Diluted EPS adjusted weighted-average shares outstanding 434.5 433.4 432.5
(Loss) Earnings per Common Share from continuing operations:
Basic $ (.88) $ (.01) $ .20
Diluted (.88) (.01) .20
Loss per Common Share from discontinued operations:
Basic $ – $ (.12) $ (.30)
Diluted – (.12) (.30)
Loss per Common Share attributable to Avon:
Basic $ (.88) $ (.13) $ (.10)
Diluted (.88) (.13) (.10)
Amounts in the table above may not necessarily sum due to rounding.
During the years ended December 31, 2014 and 2013, we did not include stock options to purchase 18.0 million shares and 18.3 million
shares of Avon common stock, respectively, in the calculations of diluted EPS as we had a loss from continuing operations, net of tax and
the inclusion of these shares would decrease the net loss per share. Since the inclusion of such shares would be anti-dilutive, these are
excluded from the calculation. If we had income from continuing operations, net of tax, we would have included .8 million shares for the
year ended December 31, 2013, because the average market price was higher than the exercise prices of those options. During the year
ended December 31, 2012, we did not include stock options to purchase 22.0 million shares of Avon common stock in the calculation of
diluted EPS, because the exercise prices of those options were greater than the average market price, and therefore, their inclusion would be
anti-dilutive.