Motorola 2006 Annual Report Download - page 92
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84
Earnings Per Common Share
Basic and diluted earnings per common share from both continuing operations and net earnings, which
includes discontinued operations is computed as follows:
Continuing Operations Net Earnings
Years Ended December 31
2006
2005 2004
2006
2005 2004
Basic earnings per common share:
Earnings $ 3,261 $ 4,519 $ 2,099 $ 3,661 $ 4,578 $ 1,532
Weighted average common shares outstanding 2,446.3 2,471.3 2,365.0 2,446.3 2,471.3 2,365.0
Per share amount $ 1.33 $ 1.83 $ 0.89 $ 1.50 $ 1.85 $ 0.65
Diluted earnings per common share:
Earnings $ 3,261 $ 4,519 $ 2,099 $ 3,661 $ 4,578 $ 1,532
Add: Interest on equity security units, net ÌÌ42ÌÌ42
Earnings, as adjusted $ 3,261 $ 4,519 $ 2,141 $ 3,661 $ 4,578 $ 1,574
Weighted average common shares outstanding 2,446.3 2,471.3 2,365.0 2,446.3 2,471.3 2,365.0
Add effect of dilutive securities:
Employee share-based awards 57.9 55.7 48.8 57.9 55.7 48.8
Equity security units ÌÌ 57.8 ÌÌ 57.8
Zero coupon notes due 2009 and 2013 ÌÌ 0.4 ÌÌ 0.4
Diluted weighted average common shares
outstanding 2,504.2 2,527.0 2,472.0 2,504.2 2,527.0 2,472.0
Per share amount $ 1.30 $ 1.79 $ 0.87 $ 1.46 $ 1.81 $ 0.64
In the computation of diluted earnings per common share from both continuing operations and on a net
earnings basis for the years ended December 31, 2006, 2005 and 2004 the assumed conversion of 76.6 million,
44.8 million and 155.8 million stock options, respectively, were excluded because their inclusion would have been
antidilutive.
Balance Sheet Information
Accounts Receivable
Accounts receivable, net, consists of the following:
December 31
2006
2005
Accounts receivable $7,587 $5,753
Less allowance for doubtful accounts (78) (101)
$7,509 $5,652
Inventories
Inventories, net, consist of the following:
December 31
2006
2005
Finished goods $1,796 $1,252
Work-in-process and production materials 1,782 1,699
3,578 2,951
Less inventory reserves (416) (529)
$3,162 $2,422