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2008 ANNUAL REPORT 63
RECONCILIATION OF EARNINGS PER COMMON SHARE
Following is a reconciliation of basic and diluted earnings per common share for the respective years:
In millions, except per share amounts 2008 2007 2006
Numerator for earnings per common share calculation:
Earnings from continuing operations $ 3,344.1 $ 2,637.0 $ 1,368.9
Preference dividends, net of income tax benefi t (14.1) (14.2) (13.9)
Earnings from continuing operations available to common shareholders, basic $ 3,330.0 $ 2,622.8 $ 1,355.0
Loss from discontinued operations, net of income tax benefi t (132.0) – –
Net earnings available to common shareholders, basic $ 3,198.0 $ 2,622.8 $ 1,355.0
Earnings from continuing operations $ 3,344.1 $ 2,637.0 $ 1,368.9
Dilutive earnings adjustments (3.4) (3.6) (4.2)
Earnings from continuing operations available to common shareholders, diluted $ 3,340.7 $ 2,633.4 $ 1,364.7
Loss from discontinued operations, net of income tax benefi t (132.0) – –
Net earnings available to common shareholders, diluted $ 3,208.7 $ 2,633.4 $ 1,364.7
Denominator for earnings per common share calculation:
Weighted average common shares, basic 1,433.5 1,328.2 820.6
Preference stock 17.1 18.0 18.8
Stock options 13.8 22.3 11.5
Restricted stock units 4.7 3.3 2.3
Weighted average common shares, diluted 1,469.1 1,371.8 853.2
Basic earnings per common share:
Earnings from continuing operations $ 2.32 $ 1.97 $ 1.65
Loss from discontinued operations (0.09) – –
Net earnings $ 2.23 $ 1.97 $ 1.65
Diluted earnings per common share:
Earnings from continuing operations $ 2.27 $ 1.92 $ 1.60
Loss from discontinued operations (0.09) – –
Net earnings $ 2.18 $ 1.92 $ 1.60
NO 14