Macy's 2009 Annual Report Download - page 96

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
19. Earnings (Loss) Per Share
The reconciliation of basic earnings (loss) per share to diluted earnings (loss) per share based on income
(loss) from continuing operations is as follows:
2009 2008 2007
Income Shares Loss Shares Income Shares
(millions, except per share data)
Income (loss) from continuing
operations and average number
of shares outstanding ......... $350 420.4 $(4,803) 420.0 $909 445.6
Shares to be issued under deferred
compensation plans ........... 1.3 1.2 1.0
$350 421.7 $(4,803) 421.2 $909 446.6
Basic earnings (loss) per
share .................. $.83 $(11.40) $2.04
Effect of dilutive securities –
Stock options and restricted
stock .................. 1.5 – 5.2
$350 423.2 $(4,803) 421.2 $909 451.8
Diluted earnings (loss) per
share .................. $.83 $(11.40) $2.01
In addition to the stock options and restricted stock reflected in the foregoing table, stock options to
purchase 28.9 million shares of common stock at prices ranging from $17.40 to $46.15 per share, 75,000 shares
of restricted stock and 2.9 million shares of performance-based restricted stock units were outstanding at
January 30, 2010 and stock options to purchase 20.2 million shares of common stock at prices ranging from
$27.00 to $46.15 per share and 274,000 shares of restricted stock were outstanding at February 2, 2008 but were
not included in the computation of diluted earnings per share for 2009 and 2007, respectively, because their
inclusion would have been antidilutive.
Stock options to purchase 38.8 million of shares of common stock at prices ranging from $12.79 to $46.15
per share and 483,000 shares of restricted stock were outstanding at January 31, 2009, but were not included in
the computation of diluted loss per share for 2008 because, as a result of the Company’s net loss for the fiscal
year, their inclusion would have been antidilutive.
F-48