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37
1998 Financial Report
thirteen
Reconciliation of Earnings Per Common Share
Following is a reconciliation of basic and diluted earnings per common share for the years ended December 31:
In millions, except per share amounts 1998 1997 1996
Numerator for earnings per common share calculation:
Earnings from continuing operations before extraordinary item $396.4 $ 76.5 $ 372.4
Preference dividends, net of tax benefit (13.6) (13.7) (14.5)
Earnings from continuing operations available to common
shareholders, basic $382.8 $ 62.8 $ 357.9
Earnings (loss) from discontinued operations —17.5 (164.2)
Extraordinary loss —(17.1) —
Net earnings available to common shareholders, basic $382.8 $ 63.2 $ 193.7
Earnings from continuing operations before extraordinary item $396.4 $ 76.5 $ 372.4
Effect of dilutive securities:
Preference dividends, net of tax benefit —(13.7) —
Dilutive earnings adjustments (0.8) — (7.5)
Earnings from continuing operations available to common
shareholders, diluted $395.6 $ 62.8 $ 364.9
Earnings (loss) from discontinued operations —17.5 (164.2)
Extraordinary loss —(17.1) —
Net earnings available to common shareholders, diluted $395.6 $ 63.2 $ 200.7
Denominator for earnings per common share calculation:
Weighted average common shares, basic 387.1 377.2 366.9
Effect of dilutive securities:
Preference stock 10.5 — 11.7
Stock options 7.6 7.9 5.0
Weighted average common shares, diluted 405.2 385.1 383.6
Basic earnings per common share:
Earnings from continuing operations before extraordinary item $ 0.99 $ 0.17 $ 0.98
Earnings (loss) from discontinued operations —0.05 (0.45)
Extraordinary item, net of tax benefit —(0.05) —
Net earnings $ 0.99 $ 0.17 $ 0.53
Diluted earnings per common share:
Earnings from continuing operations before extraordinary item $ 0.98 $ 0.16 $ 0.95
Earnings (loss) from discontinued operations —0.05 (0.43)
Extraordinary item, net of tax benefit —(0.05) —
Net earnings $ 0.98 $ 0.16 $ 0.52