Harris Teeter 2012 Annual Report Download - page 50

Download and view the complete annual report

Please find page 50 of the 2012 Harris Teeter annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 128

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128

16. COMPUTATION OF EARNINGS PER SHARE (EPS)
The following table details the computation of EPS for fiscal 2012, 2011 and 2010 (in thousands except per share data):
2012 2011 2010
Basic EPS:
Earnings From Continuing Operations $99,927 $111,458 $98,652
Weighted average common shares outstanding 48,751 48,469 48,215
Basic EPS $ 2.05 $ 2.30 $ 2.05
Diluted EPS:
Earnings From Continuing Operations $99,927 $111,458 $98,652
Weighted average common shares outstanding 48,751 48,469 48,215
Net potential common share equivalents - stock options 17 27 77
Net potential common share equivalents - stock awards 285 356 308
Weighted average common shares outstanding 49,053 48,852 48,600
Diluted EPS $ 2.04 $ 2.28 $ 2.03
Excluded from the calculation of common share equivalents:
Anti-dilutive common share equivalents – stock options - - 10
Anti-dilutive common share equivalents – stock awards - - -
Stock awards that are based on performance are excluded from the calculation of potential common share equivalents until
the performance criteria are met. As such, the impact of 103,000, 147,000 and 139,000 performance shares for the fiscal 2012,
2011 and 2010, respectively, were excluded from the computation of diluted shares.
To calculate the earnings per share on Earnings (Loss) From Discontinued Operations and on Net Earnings, the denominator
for both basic and diluted earnings per share is the same as used in the table above. The basic and diluted earnings per share
for Earnings (Loss) From Discontinued Operations and for Net Earnings were as follows (in thousands except per share data):
2012 2011 2010
Earnings (Loss) From Discontinued Operations $(17,415) $(20,211) $13,389
Earnings Per Share:
Basic $ (0.36) $ (0.42) $ 0.28
Diluted (0.36) (0.41) 0.28
Net Earnings $82,512 $91,247 $112,041
Earnings Per Share:
Basic $ 1.69 $ 1.88 $ 2.32
Diluted 1.68 1.87 2.31
17. DISCONTINUED OPERATIONS
On November 7, 2011, the Company completed the sale of all of its ownership interest in A&E to two newly formed
affiliates of KPS Capital Partners, LP. The purchase price was $180 million in cash consideration, adjusted for working capital
and certain liabilities, including under-funded pension liabilities and foreign debt. In connection with the sale, the Company
recorded pre-tax losses on disposition of discontinued operations of $3.7 million in fiscal 2012 and $48.8 million in fiscal 2011.
In addition, A&E’s operating results and assets and liabilities have been classified as discontinued operations in the Company’s
Statements of Consolidated Operations and Consolidated Balance Sheets, respectively.
HARRIS TEETER SUPERMARKETS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (CONTINUED)
46