Motorola 2004 Annual Report Download - page 102
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94 MOTOROLA INC. AND SUBSIDIARIESNOTES TO
CONSOLIDATED FINANCIAL STATEMENTS (Dollars in millions, except as noted)
Earnings (Loss) Per Common Share
The following table presents the computation of the basic and diluted earnings (loss) per common share from
both continuing operations and net earnings, which includes discontinued operations:
Continuing Operations Net Earnings
Years ended December 31
2004
2003 2002
2004
2003 2002
Basic earnings (loss) per common share:
Earnings (loss) $ 2,191 $ 928 $ (1,350) $ 1,532 $ 893 $ (2,485)
Weighted average common shares outstanding 2,365.0 2,321.9 2,282.3 2,365.0 2,321.9 2,282.3
Per share amount $ 0.93 $ 0.40 $ (0.59) $ 0.65 $ 0.38 $ (1.09)
Diluted earnings (loss) per common share:
Earnings (loss) $ 2,191 $ 928 $ (1,350) $ 1,532 $ 893 $ (2,485)
Add: Interest on equity security units, net 42 ÌÌ42 ÌÌ
Earnings (loss), as adjusted $ 2,233 $ 928 $ (1,350) $ 1,574 $ 893 $ (2,485)
Weighted average common shares outstanding 2,365.0 2,321.9 2,282.3 2,365.0 2,321.9 2,282.3
Add eÅect of dilutive securities:
Stock options/restricted stock 48.8 26.7 Ì 48.8 26.7 Ì
Equity security units 57.8 ÌÌ57.8 ÌÌ
Zero coupon notes due 2009 and 2013 0.4 2.6 Ì 0.4 2.6 Ì
Diluted weighted average common shares
outstanding 2,472.0 2,351.2 2,282.3 2,472.0 2,351.2 2,282.3
Per share amount $ 0.90 $ 0.39 $ (0.59) $ 0.64 $ 0.38 $ (1.09)
In the computation of diluted earnings per common share from both continuing operations and on a net
earnings basis for the year ended December 31, 2004, the assumed conversion of 155.8 million stock options were
excluded because their inclusions would have been antidilutive. In the computation of diluted earnings per common
share from both continuing operations and on a net earnings basis for the year ended December 31, 2003, the
assumed conversions of the zero coupon notes due 2009, equity security units and 200.9 million stock options were
excluded because their inclusions would have been antidilutive. In the computation of diluted loss per common
share from both continuing operations and on a net earnings basis for the year ended December 31, 2002, the
assumed conversions of the zero coupon notes due 2009 and 2013, all stock options, restricted stock, warrants, and
equity security units were excluded because their inclusion would have been antidilutive.
Balance Sheet Information
Accounts Receivable
Accounts Receivable, net, consists of the following:
December 31
2004
2003
Accounts receivable $4,674 $4,046
Less allowance for doubtful accounts (182) (224)
$4,492 $3,822
Inventories
Inventories, net, consist of the following:
December 31
2004
2003
Finished goods $1,429 $ 830
Work-in-process and production materials 1,665 1,861
3,094 2,691
Less inventory reserves (548) (592)
$2,546 $2,099