Delta Airlines 2009 Annual Report Download - page 113
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Table of Contents
We acquired a B-747-200F dedicated cargo freighter fleet in our Merger with Northwest and recorded the fair value of the fleet at the Closing Date. We
grounded the entire fleet by December 31, 2009 due to its age and inefficiency. We reviewed the fleet and related spare engines for impairment during the
year ended December 31, 2009 and concluded that no material impairment existed.
NOTE 16. (LOSS) EARNINGS PER SHARE
We calculate basic (loss) earnings per share by dividing the net (loss) income by the weighted average number of common shares outstanding. Shares
issuable upon the satisfaction of certain conditions are considered outstanding and included in the computation of basic (loss) earnings per share. Accordingly,
the calculation of basic (loss) earnings per share for the years ended December 31, 2009 and 2008 and the eight months ended December 31, 2007 assumes
there was outstanding at the beginning of each of these periods all 386 million shares contemplated by Delta's Plan of Reorganization to be distributed to
holders of allowed general, unsecured claims. Similarly, the calculation of basic loss per share for the years ended December 31, 2009 and 2008 assumes there
was outstanding at January 1, 2009 and the Closing Date, respectively, the following shares in connection with the Merger: (1) 50 million shares of Delta
common stock we agreed to issue on behalf of Delta and Northwest pilots and (2) nine million shares of Delta common stock reserved for issuance in
exchange for shares of Northwest common stock that, but for the Merger, would have been issued under Northwest's Plan of Reorganization.
The following table shows the reconciliation of actual shares issued and outstanding to those considered outstanding for purposes of the calculation of
basic loss per share as of December 31, 2009:
(in millions) Shares(1)
Common stock issued and outstanding 784
Less:
Unvested restricted stock (13)
Add:
Shares reserved for future issuance under Delta's Plan of Reorganization 53
Shares reserved for future issuance relating to Northwest's Plan of Reorganization, after giving effect to the 1.25 exchange ratio 6
Common stock considered outstanding for purposes of loss per share calculation 830
(1) These shares have not been weighted to reflect the period of time they were considered outstanding.
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