CVS 2000 Annual Report Download - page 39

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Reconciliation of Earnings Per Common Share
Following is a reconciliation of basic and diluted earnings per common share for the respective years:
Fiscal Year
In millions, except per share amounts 2000 1999 1998
Numerator for earnings per common share calculation:
Net earnings $ 746.0 $ 635.1 $ 384.5
Preference dividends, net of income tax benefit (14.6) (14.7) (13.6)
Net earnings available to common shareholders, basic $ 731.4 $ 620.4 $ 370.9
Net earnings $ 746.0 $ 635.1 $ 384.5
Effect of dilutive securities:
Dilutive earnings adjustments (0.7) — (0.8)
Net earnings available to common shareholders, diluted $ 745.3 $ 635.1 $ 383.7
Denominator for earnings per common share calculation:
Weighted average common shares, basic 391.0 391.3 387.1
Effect of dilutive securities:
Preference stock 10.8 10.7 10.5
Stock options 6.2 6.9 7.6
Weighted average common shares, diluted 408.0 408.9 405.2
Basic earnings per common share:
Net earnings $ 1.87 $ 1.59 $ 0.96
Diluted earnings per common share:
Net earnings $ 1.83 $ 1.55 $ 0.95
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2000 Annual Report