HP 2013 Annual Report Download - page 109
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HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 3: Net Earnings Per Share (Continued)
The reconciliation of the numerators and denominators of each of the basic and diluted net EPS
calculations were as follows for the following fiscal years ended October 31:
2013 2012 2011
In millions, except per share
amounts
Numerator:
Net earnings (loss)(1) ...................................... $5,113 $(12,650) $7,074
Denominator:
Weighted-average shares used to compute basic EPS ............... 1,934 1,974 2,094
Dilutive effect of employee stock plans ........................ 16 — 34
Weighted-average shares used to compute diluted EPS ............. 1,950 1,974 2,128
Net earnings (loss) per share:
Basic ................................................. $ 2.64 $ (6.41) $ 3.38
Diluted(2) .............................................. $ 2.62 $ (6.41) $ 3.32
(1) Net earnings (loss) available to participating securities were not significant for fiscal 2013, 2012
and 2011. HP considers restricted stock that provides the holder with a non-forfeitable right to
receive dividends to be a participating security.
(2) For fiscal 2012, HP excluded from the calculation of diluted net loss per share 10 million shares
potentially issuable under employee stock plans, as their effect, if included, would have been
anti-dilutive.
HP excludes options with exercise prices that are greater than the average market price from the
calculation of diluted net EPS because their effect would be anti-dilutive. In fiscal 2013, 2012 and 2011,
HP excluded from the calculation of diluted net EPS options to purchase 51 million shares, 56 million
shares and 25 million shares, respectively. In addition, HP also excluded from the calculation of diluted
net EPS options to purchase an additional 1 million shares in fiscal 2013, 2012 and 2011, as their
combined exercise price, unamortized fair value and excess tax benefits were greater in each of those
periods than the average market price for HP’s stock.
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