Energizer 2000 Annual Report Download - page 36

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ENERGIZER 2000 ANNUAL REPORT
34
FOR THE YEAR ENDED SEPTEMBER 30,
2000 1999 1998
Numerator
Numerator for basic and dilutive earnings per share –
Earnings from continuing operations $ 180.2 $ 159.8 $ 208.2
Net loss from discontinued operations $ – $ (5.6) $ (43.5)
Gain/(loss) on disposition of discontinued operations $ 1.2 $ (74.2) $ –
Net Earnings $ 181.4 $ 80.0 $ 164.7
Denominator
Denominator for basic earnings per share –
Weighted-average shares 96.1 102.6 101.6
Effect of dilutive securities
Stock options 0.1 – –
Restricted stock equivalents 0.1 – –
0.2 – –
Denominator for dilutive earnings per share –
Weighted-average shares and assumed conversions 96.3 102.6 101.6
Basic earnings per share
Earnings from continuing operations $ 1.88 $ 1.56 $ 2.05
Net earnings/(loss) from discontinued operations – (0.06) (0.43)
Net gain/(loss) on disposition of discontinued operations 0.01 (0.72) –
Net Earnings $ 1.89 $ 0.78 $ 1.62
Diluted earnings per share
Earnings from continuing operations $ 1.87 $ 1.56 $ 2.05
Net earnings/(loss) from discontinued operations – (0.06) (0.43)
Net gain/(loss) on disposition of discontinued operations 0.01 (0.72) –
Net Earnings $ 1.88 $ 0.78 $ 1.62
(7) EARNINGS PER SHARE
Earnings per share has been calculated using Energizer’s historical
basis earnings for the three years presented below. For the year
ended September 30, 2000, the number of shares used to compute
basic earnings per share is based on the weighted-average number
of shares of Ralston stock outstanding during the six months ended
March 31, 2000 (adjusted for the distribution of one share of
Energizer stock for each three shares of Ralston stock) and the
weighted-average number of shares of Energizer stock outstanding
from April 1, 2000 to September 30, 2000. Diluted earnings per
share is based on the average number of shares used for the basic
earnings per share calculation, adjusted for the dilutive effect of
stock options and restricted stock equivalents. For the years ended
September 30, 1999 and 1998, the number of shares used to
compute earnings per share is based on the weighted-average
number of shares of Ralston stock outstanding during the period,
adjusted for the distribution of one share of Energizer stock for
each three shares of Ralston stock.
The following table sets forth the computation of basic and diluted
earnings per share.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (continued) (Dollars in millions except per share data)