Goldman Sachs 2012 Annual Report Download - page 191
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Notes to Consolidated Financial Statements
Note 21.
Earnings Per Common Share
Basic earnings per common share (EPS) is calculated by
dividing net earnings applicable to common shareholders
by the weighted average number of common shares
outstanding. Common shares outstanding includes
common stock and RSUs for which no future service is
required as a condition to the delivery of the underlying
common stock. Diluted EPS includes the determinants of
basic EPS and, in addition, reflects the dilutive effect of the
common stock deliverable for stock warrants and options
and for RSUs for which future service is required as a
condition to the delivery of the underlying common stock.
The table below presents the computations of basic and
diluted EPS.
Year Ended December
in millions, except per share amounts 2012 2011 2010
Numerator for basic and diluted EPS — net earnings applicable to common shareholders $7,292 $2,510 $7,713
Denominator for basic EPS — weighted average number of common shares 496.2 524.6 542.0
Effect of dilutive securities:
RSUs 11.3 14.6 15.0
Stock options and warrants 8.6 17.7 28.3
Dilutive potential common shares 19.9 32.3 43.3
Denominator for diluted EPS — weighted average number of common shares and dilutive
potential common shares 516.1 556.9 585.3
Basic EPS $14.63 $ 4.71 $14.15
Diluted EPS 14.13 4.51 13.18
In the table above, unvested share-based payment awards
that have non-forfeitable rights to dividends or dividend
equivalents are treated as a separate class of securities in
calculating EPS. The impact of applying this methodology
was a reduction in basic EPS of $0.07 for both the years
ended December 2012 and December 2011, and $0.08 for
the year ended December 2010.
The diluted EPS computations in the table above do not
include the following:
Year Ended December
in millions 2012 2011 2010
Number of antidilutive RSUs and common shares underlying antidilutive stock options and warrants 52.4 9.2 6.2
Goldman Sachs 2012 Annual Report 189