INTL FCStone 2014 Annual Report Download - page 87

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INTL FCSTONE INC. Form 10K 71
PART II
ITEM 8 Financial Statements and Supplementary Data
accounting. Additionally, for repurchase financing arrangements,
the amendments of this ASU require separate accounting for a
transfer of a financial asset executed contemporaneously with
a repurchase agreement with the same counterparty, which
will result in secured borrowing accounting for the repurchase
agreement. For public entities, the ASU is effective for the first
interim or annual period beginning after December 15, 2014.
Earlier application is not permitted. e Company expects
to adopt this guidance starting with the second quarter of
fiscal year 2015. e Company does not expect the adoption
of this guidance to have a material impact on the consolidated
financial statements.
NOTE 2 Earnings per Share
e Company presents basic and diluted earnings per share
(“EPS”) using the two-class method which requires all outstanding
unvested share-based payment awards that contain rights to non-
forfeitable dividends and therefore participate in undistributed
earnings with common stockholders be included in computing
earnings per share. Under the two-class method, net earnings are
reduced by the amount of dividends declared in the period for each
class of common stock and participating security. e remaining
undistributed earnings are then allocated to common stock and
participating securities, based on their respective rights to receive
dividends. Restricted stock awards granted to certain employees
and directors and shares held in trust for the Provident Group
acquisition contain non-forfeitable rights to dividends at the same
rate as common stock, and are considered participating securities.
Basic EPS has been computed by dividing net income by the
weighted-average number of common shares outstanding. e
following is a reconciliation of the numerator and denominator
of the diluted net income per share computations for the periods
presented below.
(in millions, except share amounts)
Year Ended September 30,
2014 2013 2012
Numerator:
Income from continuing operations attributable to INTL FCStone Inc.
stockholders $ 19.6 $ 18.6 $ 17.1
Less: Allocation to participating securities (0.5) (0.7) (0.6)
Income from continuing operations allocated to common stockholders $ 19.1 $ 17.9 $ 16.5
Income from discontinued operations $ (0.3) $ 0.7 $ (4.3)
Less: Allocation to participating securities — (0.1) 0.1
Income from discontinued operations allocated to common stockholders $ (0.3 ) $ 0.6 $ (4.2 )
Diluted net income $ 19.3 $ 19.3 $ 12.8
Less: Allocation to participating securities (0.5) (0.8) (0.5)
Diluted net income allocated to common stockholders $ 18.8 $ 18.5 $ 12.3
Denominator:
Weighted average number of:
Common shares outstanding 18,528,302 18,443,233 18,282,939
Dilutive potential common shares outstanding:
Share-based awards 604,000 625,264 873,960
Diluted weighted-average shares 19,132,302 19,068,497 19,156,899