DIRECTV 2004 Annual Report Download - page 100
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THE DIRECTV GROUP, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (continued)
Other Comprehensive Income
The following represents changes in the components of OCI, net of taxes, as of December 31:
2004
2003
2002
Pre-tax
Amount
Tax
(Benefit
)
Expense
Net
Amount
Pre-tax
Amount
Tax
(Benefit)
Expense
Net
Amount
Pre-tax
Amount
Tax
Benefit
Net
Amount
(Dollars in Millions)
Minimum pension liability adjustments
$
11.4
$
4.0
$
7.4
$
(24.4
)
$
(7.9
)
$
(16.5
)
$
(25.2
)
$
(10.2
)
$
(15.0
)
Foreign currency translation adjustments:
Unrealized gains
14.8
—
14.8
6.0
—
6.0
1.6
—
1.6
Less: reclassification adjustment for net losses
recognized during the period
—
—
—
—
—
—
48.9
—
48.9
Unrealized gains (losses) on securities and derivatives:
Unrealized holding gains (losses)
(9.1
)
(3.5
)
(5.6
)
446.8
171.5
275.3
(162.6
)
(65.8
)
(96.8
)
Less: reclassification adjustment for net gains recognized
during the period
(243.8
)
—
(243.8
)
(0.6
)
—
(0.6
)
(162.8
)
(63.7
)
(99.1
)
Note 13: Earnings (Loss) Per Common Share
We compute Basic Earnings (Loss) Per Common Share, or EPS, by dividing net income (loss) attributable to common
stockholders by the weighted average number of common shares outstanding for the period. Income (loss) from continuing
operations before cumulative effect of accounting changes attributable to common stockholders for each period includes income
(loss) from continuing operations before cumulative effect of accounting changes less dividends on preferred stock for the
purpose of computing EPS.
Diluted EPS considers the effect of common equivalent shares, which we exclude from the computation in loss periods as their
effect would be antidilutive. Our existing common equivalent shares consist entirely of common stock options and restricted
stock units issued to employees. We exclude 88.9 million common stock options and 7.8 million restricted stock units for the
year ended December 31, 2004 and 91.2 million common stock options and 3.6 million restricted stock units for the year ended
December 31, 2003 from the calculation of diluted EPS because they were antidilutive. For the year ended December 31, 2002,
we excluded 95.1 million common stock options from the calculation of diluted EPS because they were antidilutive. We also
excluded shares issuable upon conversion of our Series A Preferred Stock prior to the date of actual conversion because they
were antidilutive.
For purposes of calculating EPS, we calculate the weighted average number of common shares outstanding using the number of
our common shares outstanding beginning on December 23, 2003 and the number of shares in the GM Class H Dividend Base
prior to December 23, 2003. The GM Class H Dividend Base is equal to the number of shares of GM Class H common stock
which, if issued and outstanding, would represent 100% of the tracking stock interest in our earnings.
91