CVS 2009 Annual Report Download - page 74

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Notes to Consolidated Financial Statements
Note 14 Earnings Per Common Share
The following is a reconciliation of basic and diluted earnings per common share for the respective fiscal years:
in millions, except per share amounts 2009 2008 2007
Numerator for earnings per common share calculation:
Income from continuing operations $ 3,708 $ 3,344 $ 2,637
Preference dividends, net of income tax benefit – (14) (14)
Income from continuing operations available to common shareholders, basic $ 3,708 $ 3,330 $ 2,623
Loss from discontinued operations, net of income tax benefit (12) (132) –
Net income available to common shareholders, basic $ 3,696 $ 3,198 $ 2,623
Income from continuing operations 3,708 3,344 2,637
Dilutive earnings adjustments – (3) (4)
Income from continuing operations available to common shareholders, diluted 3,708 3,341 2,633
Loss from discontinued operations, net of income tax benefit (12) (132) –
Net income available to common shareholders, diluted $ 3,696 $ 3,209 $ 2,633
Denominator for earnings per common share calculation:
Weighted average common shares, basic 1,434 1,434 1,328
Preference stock 1 17 18
Stock options 10 13 23
Restricted stock units 5 5 3
Weighted average common shares, diluted 1,450 1,469 1,372
Basic earnings per common share:
Income from continuing operations $ 2.59 $ 2.32 $ 1.97
Loss from discontinued operations (0.01) (0.09) –
Net income $ 2.58 $ 2.23 $ 1.97
Diluted earnings per common share:
Income from continuing operations $ 2.56 $ 2.27 $ 1.92
Loss from discontinued operations (0.01) (0.09) –
Net income $ 2.55 $ 2.18 $ 1.92
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