MetLife 2013 Annual Report Download - page 211

MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
20. Earnings Per Common Share
The following table presents the weighted average shares used in calculating basic earnings per common share and those used in calculating
diluted earnings per common share for each income category presented below:
Years Ended December 31,
2013 2012 2011
(In millions, except share and per share data)
Weighted Average Shares:
Weighted average common stock outstanding for basic earnings per common share ...... 1,105,579,693 1,070,755,561 1,059,580,442
Incremental common shares from assumed:
Stock purchase contracts underlying common equity units (1) ...................... 1,164,018 — 1,641,444
Exercise or issuance of stock-based awards .................................... 9,458,999 6,084,078 6,872,474
Weighted average common stock outstanding for diluted earnings per common share ..... 1,116,202,710 1,076,839,639 1,068,094,360
Income (Loss) from Continuing Operations:
Income (loss) from continuing operations, net of income tax $ 3,391 $ 1,314 $ 6,391
Less: Income (loss) from continuing operations, net of income tax, attributable to
noncontrolling interests ................................................... 25 38 (8)
Less: Preferred stock dividends .............................................. 122 122 122
Preferred stock redemption premium ...................................... — — 146
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s
common shareholders $ 3,244 $ 1,154 $ 6,131
Basic ............................................................... $ 2.94 $ 1.08 $ 5.79
Diluted .............................................................. $ 2.91 $ 1.08 $ 5.74
Income (Loss) from Discontinued Operations:
Income (loss) from discontinued operations, net of income tax ........................ $ 2 $ 48 $ 24
Less: Income (loss) from discontinued operations, net of income tax, attributable to
noncontrolling interests ................................................... — — —
Income (loss) from discontinued operations, net of income tax, available to MetLife, Inc.’s
common shareholders ..................................................... $ 2 $ 48 $ 24
Basic ............................................................... $ — $ 0.04 $ 0.02
Diluted .............................................................. $ — $ 0.04 $ 0.02
Net Income (Loss):
Net income (loss) ........................................................... $ 3,393 $ 1,362 $ 6,415
Less: Net income (loss) attributable to noncontrolling interests ...................... 25 38 (8)
Less: Preferred stock dividends .............................................. 122 122 122
Preferred stock redemption premium ...................................... — — 146
Net income (loss) available to MetLife, Inc.’s common shareholders .................... $ 3,246 $ 1,202 $ 6,155
Basic ............................................................... $ 2.94 $ 1.12 $ 5.81
Diluted .............................................................. $ 2.91 $ 1.12 $ 5.76
(1) See Note 15 for a description of the Company’s common equity units. For the year ended December 31, 2012, all shares related to the assumed
issuance of shares in settlement of the applicable purchase contracts have been excluded from the calculation of diluted earnings per common
share as these assumed shares are anti-dilutive.
21. Contingencies, Commitments and Guarantees
Contingencies
Litigation
The Company is a defendant in a large number of litigation matters. In some of the matters, very large and/or indeterminate amounts, including
punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or
other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount
sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well
exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with the actual experience of the
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