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SUPPLEMENTARY DATA
(UNAUDITED)
(Dollars in millions, except per-share amounts) 2014 2015
1Q 2Q (a) 3Q 4Q (b) 1Q 2Q 3Q 4Q
Revenue $ 7,265 $ 7,474 $ 7,751 $ 8,362 $ 7,784 $ 7,882 $ 7,994 $ 7,809
Operating earnings 874 949 999 1,067 1,027 1,081 1,034 1,036
Earnings from continuing operations 596 646 694 737 716 752 733 764
Discontinued operations (1) (105) 2 (36) ––––
Net earnings $ 595 $ 541 $ 696 $ 701 $ 716 $ 752 $ 733 $ 764
Earnings per share – basic (c):
Continuing operations $ 1.74 $ 1.92 $ 2.09 $ 2.23 $ 2.18 $ 2.31 $ 2.31 $ 2.44
Discontinued operations – (0.31) 0.01 (0.11) ––––
Net earnings $ 1.74 $ 1.61 $ 2.10 $ 2.12 $ 2.18 $ 2.31 $ 2.31 $ 2.44
Earnings per share – diluted (c):
Continuing operations $ 1.71 $ 1.88 $ 2.05 $ 2.19 $ 2.14 $ 2.27 $ 2.28 $ 2.40
Discontinued operations – (0.30) 0.01 (0.10) ––––
Net earnings $ 1.71 $ 1.58 $ 2.06 $ 2.09 $ 2.14 $ 2.27 $ 2.28 $ 2.40
Market price range:
High $113.57 $121.68 $130.17 $146.13 $142.55 $147.03 $153.76 $152.51
Low 93.85 104.22 114.04 114.73 131.33 130.91 132.02 136.08
Dividends declared $ 0.62 $ 0.62 $ 0.62 $ 0.62 $ 0.69 $ 0.69 $ 0.69 $ 0.69
Quarterly data are based on a 13-week period. Because our fiscal year ends on December 31, the number of days in our first and fourth quarters varies slightly from year to year.
(a) Second-quarter 2014 includes $105 loss, net of tax, in discontinued operations primarily to write down the net assets of our held-for-sale axle business to their estimated fair value.
(b) Fourth-quarter 2014 includes $36 loss, net of tax, in discontinued operations primarily to record an additional loss on the sale of the axle business completed in January 2015.
(c) The sum of the basic and diluted earnings per share for the four quarters of the year may differ from the annual basic and diluted earnings per share due to the required method of computing the
weighted average number of shares in interim periods.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Our management, under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer, evaluated the
effectiveness of our disclosure controls and procedures as of December 31, 2015 (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the
Securities Exchange Act of 1934, as amended (Exchange Act)). Based on this evaluation, the Chief Executive Officer and Chief Financial Officer
concluded that, on December 31, 2015, our disclosure controls and procedures were effective.
The certifications of the company’s Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act have
been filed as Exhibits 31.1 and 31.2 to this report.
68 General Dynamics Annual Report 2015