Dow Chemical 2013 Annual Report Download - page 122

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100
NOTE 13 – EARNINGS PER SHARE CALCULATIONS
The following tables provide the earnings per share calculations for the years ended December 31, 2013, 2012 and 2011:
Net Income for Earnings Per Share Calculation - Basic
In millions 2013 2012 2011
Net income $ 4,816 $ 1,100 $ 2,784
Net (income) loss attributable to noncontrolling interests (29) 82 (42)
Net income attributable to The Dow Chemical Company $ 4,787 $ 1,182 $ 2,742
Preferred stock dividends (340) (340) (340)
Net income attributable to participating securities (1) (38) (13) (30)
Net income attributable to common stockholders $ 4,409 $ 829 $ 2,372
Earnings Per Share Calculations - Basic
Dollars per share 2013 2012 2011
Net income $ 4.06 $ 0.94 $ 2.42
Net (income) loss attributable to noncontrolling interests (0.02) 0.07 (0.03)
Net income attributable to The Dow Chemical Company $ 4.04 $ 1.01 $ 2.39
Preferred stock dividends (0.29) (0.29) (0.30)
Net income attributable to participating securities (1) (0.03) (0.01) (0.03)
Net income attributable to common stockholders $ 3.72 $ 0.71 $ 2.06
Net Income for Earnings Per Share Calculation - Diluted
In millions 2013 2012 2011
Net income $ 4,816 $ 1,100 $ 2,784
Net (income) loss attributable to noncontrolling interests (29) 82 (42)
Net income attributable to The Dow Chemical Company $ 4,787 $ 1,182 $ 2,742
Preferred stock dividends (2) — (340) (340)
Net income attributable to participating securities (1) (38) (13) (30)
Net income attributable to common stockholders $ 4,749 $ 829 $ 2,372
Earnings Per Share Calculations - Diluted
Dollars per share 2013 2012 2011
Net income $ 3.73 $ 0.93 $ 2.40
Net (income) loss attributable to noncontrolling interests (0.02) 0.07 (0.03)
Net income attributable to The Dow Chemical Company $ 3.71 $ 1.00 $ 2.37
Preferred stock dividends (2) — (0.29) (0.29)
Net income attributable to participating securities (1) (0.03) (0.01) (0.03)
Net income attributable to common stockholders $ 3.68 $ 0.70 $ 2.05
Additional Share Count Information
Shares in millions 2013 2012 2011
Weighted-average common shares - basic 1,186.2 1,169.7 1,149.0
Plus dilutive effect of stock options and awards 7.4 6.7 9.2
Plus dilutive effect of assumed conversion of preferred stock (3) 96.8 — —
Weighted-average common shares - diluted 1,290.4 1,176.4 1,158.2
Stock options and deferred stock awards excluded from EPS calculations (4) 47.4 52.6 44.7
(1) Deferred stock awards are considered participating securities due to Dow's practice of paying dividend equivalents on
unvested shares.
(2) Preferred stock dividends were not added back in the calculation of diluted earnings per share for the periods ended December
31, 2012 and 2011 because the effect of adding them back would have been antidilutive.
(3) Conversion of the Cumulative Convertible Perpetual Preferred Stock, Series A into shares of the Company’s common stock
was excluded from the calculation of diluted earnings per share for the periods ended December 31, 2012 and 2011 because
the effect of including them would have been antidilutive.
(4) These outstanding options to purchase shares of common stock and deferred stock awards were excluded from the calculation
of diluted earnings per share because the effect of including them would have been antidilutive.