CVS 2001 Annual Report Download - page 32

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Notes to Consolidated Financial Statements
CVS Corporation
Reconciliation of Earnings Per Common Share
Fo llo wing is a reco nciliatio n o f basic and diluted earnings per co mmo n share fo r the respective years:
In millions, e xce pt pe r share amounts 200 1 2000 1999
Numerat or for earnings per common share calculation:
Net earnings $ 413 .2 $ 746.0 $ 635.1
Preference dividends, net of inc o me tax benefit ( 14.7) ( 14. 6) ( 14. 7)
Net earnings available to co mmo n shareho lders, basic $ 3 98.5 $ 731.4 $ 620.4
Net earnings $ 413 .2 $ 746.0 $ 635.1
Dilutive earnings adjustment ( 4.8) ( 0.7) —
Net earnings available to co mmo n shareho lders, diluted $ 408 .4 $ 745.3 $ 635.1
Denominator for earnings per common share calculation:
Weighted average co mmo n shares, basic 392.2 391.0 391.3
Effect o f dilutive sec urities:
Preference sto ck 10.8 10.8 10.7
Stoc k o ptio ns 5.3 6.2 6.9
Weighted average co mmo n shares, diluted 408.3 408.0 408.9
Basic earnings per common share:
Net earnings $ 1.02 $ 1.87 $ 1.59
Diluted earnings per common share:
Net earnings $ 1.00 $ 1.83 $ 1.55
11
Do llars in millio ns, e xce pt pe r share amo unts First Quarter Sec o nd Quarter Third Quarter Fo urth Quarter Fisc al Year
2001:
Net sales $ 5,385.9 $ 5,494.2 $ 5,410.8 $ 5,950.5 $ 22,241.4
Gro ss margin 1,453.4 1,458.4 1,371.8 1,407.4 5,691.0
Operating pro fit ( lo ss) 381.4 342.0 220.2 (173.0) 770.6
Net earnings ( loss) 221.7 198.0 123.7 (130.2) 413.2
Net earnings per co mmo n share, basic 0.56 0.49 0 .31 ( 0.3 4 ) 1.02
Net earnings per co mmo n share, diluted ( 1 ) 0 .54 0.4 8 0.30 ( 0 .34 ) 1.0 0
Dividends per co mmo n share 0.0575 0.0575 0.0575 0.0575 0.2300
Stoc k price: ( New Yo rk Stoc k Exchange)
Hig h 62.10 59.75 40.48 34.55 62.10
Lo w 51.00 36.51 31.40 23.28 23.28
Registered shareho lders at year-end 11,000
2000:
Net sales $ 4,739.5 $ 4,942.8 $ 4,916.4 $ 5,488.8 $ 20,087.5
Gro ss margin 1,300.0 1,335.8 1,297. 4 1,428.5 5,361.7
Operating pro fit 334.9 333.9 284.7 369.2 1,322.7
Net earnings 191.3 186.5 158.7 209.5 746.0
Net earnings per co mmo n share, basic 0.48 0.47 0.40 0.53 1.87
Net earnings per co mmo n share, diluted 0.47 0.46 0.39 0.51 1.83
Dividends per co mmo n share 0.0575 0.0575 0.0575 0.0575 0.2300
Stoc k price: ( New Yo rk Stoc k Exchange)
Hig h 40.63 46.75 46.31 59.94 59.94
Lo w 28. 00 3 5. 88 3 4. 38 44 .3 1 28.00
( 1) In accordance with SFAS No . 128 , “Earnings per Share”, the assumed conversio n o f ESOP preferenc e sto c k and o utstanding sto ck o ptio ns were excluded fro m the diluted earnings per
co mmo n share c alculatio n in the fo urth quarter o f 2001 since their effect wo uld be antidilutive. This results in diluted earnings per commo n share e qual to basic earnings per co mmo n
share fo r the fo urth quarter o f 2001.
Quarterly Financial I nformation ( Unaudit ed)
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