MetLife 2004 Annual Report Download - page 92

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METLIFE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
14. Earnings Per Share
The following presents the weighted average shares used in calculating basic earnings per share and those used in calculating diluted earnings per
share for each income category presented below:
For the Years Ended December 31,
2004 2003 2002
(Dollars in millions, except share and per share data)
Weighted average common stock outstanding for basic earnings per share *********** 749,695,661 737,903,107 704,599,115
Incremental shares from assumed:
Conversion of forward purchase contracts ************************************* — 8,293,269 24,596,950
Exercise of stock options**************************************************** 4,053,813 68,111 5,233
Issuance under deferred stock compensation*********************************** 1,083,970 579,810 —
Weighted average common stock outstanding for diluted earnings per share ********** 754,833,444 746,844,297 729,201,298
Income from continuing operations ***************************************** $ 2,708 $ 1,899 $ 1,113
Charge for conversion of company-obligated mandatorily redeemable
securities of a subsidiary trust(1) ***************************************** — (21) —
Income from continuing operations available to common shareholders per
share******************************************************************** $ 2,708 $ 1,878 $ 1,113
Basic ******************************************************************** $ 3.61 $ 2.55 $ 1.58
Diluted ******************************************************************* $ 3.59 $ 2.51 $ 1.53
Income from discontinued operations, net of income taxes, available to
common shareholders per share ***************************************** $ 136 $ 344 $ 492
Basic ******************************************************************** $ 0.18 $ 0.47 $ 0.70
Diluted ******************************************************************* $ 0.18 $ 0.46 $ 0.67
Cumulative effect of change in accounting, net of income taxes, per share *** $ (86) $ (26) $ —
Basic ******************************************************************** $ (0.11) $ (0.04) $ —
Diluted ******************************************************************* $ (0.11) $ (0.03) $ —
Net Income**************************************************************** $ 2,758 $ 2,217 $ 1,605
Charge for conversion of company-obligated mandatorily redeemable
securities of a subsidiary trust(1) ***************************************** — (21) —
Net income available to common shareholders per share ******************** $ 2,758 $ 2,196 $ 1,605
Basic ******************************************************************** $ 3.68 $ 2.98 $ 2.28
Diluted ******************************************************************* $ 3.65 $ 2.94 $ 2.20
(1) See Note 8 for a discussion of this charge included in the calculation of net income available to common shareholders.
MetLife, Inc. F-49