Prudential 2015 Annual Report Download - page 165

PRUDENTIAL FINANCIAL, INC.
Notes to Consolidated Financial Statements
As discussed in Note 1, on January 2, 2015, Prudential Financial repurchased and canceled all of the 2.0 million shares of the Class B
Stock. Accordingly, earnings per share of Common Stock presented below for the year ended December 31, 2015, reflect the consolidated
earnings of Prudential Financial. In addition, the Class B Repurchase resulted in the elimination of the separation of the former Financial
Services Businesses and Closed Block Business. As a result, there was no direct equity adjustment recorded for the year ended
December 31, 2015.
Earnings per share of the Class B Stock for the years ended December 31, 2014 and 2013, is not presented herein as it is not
meaningful due to the Class B Repurchase.
A reconciliation of the numerators and denominators of the basic and diluted per share computations of Common Stock based on the
consolidated earnings of Prudential Financial for the year ended December 31, 2015, is as follows:
2015
Income
Weighted
Average
Shares
Per Share
Amount
(in millions, except per share
amounts)
Basic earnings per share
Income (loss) from continuing operations .............................................................. $5,712
Less: Income (loss) attributable to noncontrolling interests ................................................ 70
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment awards ......... 55
Income (loss) from continuing operations attributable to Prudential Financial available to holders of Common Stock . . $5,587 451.7 $12.37
Effect of dilutive securities and compensation programs
Add: Dividends and undistributed earnings allocated to participating unvested share-based payment awards—Basic . . . $ 55
Less: Dividends and undistributed earnings allocated to participating unvested share-based payment
awards—Diluted ............................................................................... 54
Stock options .................................................................................... 2.3
Deferred and long-term compensation programs ........................................................ 0.9
Exchangeable Surplus Notes ........................................................................ 17 5.5
Diluted earnings per share
Income (loss) from continuing operations attributable to Prudential Financial available to holders of Common Stock . . $5,605 460.4 $12.17
A reconciliation of the numerators and denominators of the basic and diluted per share computations of Common Stock based on
earnings attributable to the former Financial Services Businesses for the years ended December 31, 2014 and 2013, is as follows:
2014 2013
Income
Weighted
Average
Shares
Per Share
Amount Income
Weighted
Average
Shares
Per Share
Amount
(in millions, except per share amounts)
Basic earnings per share
Income (loss) from continuing operations attributable to the Financial Services
Businesses ...................................................... $1,579 $(613)
Direct equity adjustment ............................................. (27) 2
Less: Income (loss) attributable to noncontrolling interests .................. 57 107
Less: Dividends and undistributed earnings allocated to participating unvested
share-based payment awards ....................................... 14 8
Income (loss) from continuing operations attributable to the Financial Services
Businesses available to holders of Common Stock after direct equity
adjustment ...................................................... $1,481 458.5 $3.23 $(726) 463.1 $(1.57)
Effect of dilutive securities and compensation programs(1)
Add: Dividends and undistributed earnings allocated to participating unvested
share-based payment awards—Basic ................................. $ 14 $ 8
Less: Dividends and undistributed earnings allocated to participating unvested
share-based payment awards—Diluted ............................... 14 8
Stock options ...................................................... 3.0 0.0
Deferred and long-term compensation programs .......................... 0.8 0.0
Exchangeable Surplus Notes ......................................... 17 5.4 0 0.0
Diluted earnings per share(1)
Income (loss) from continuing operations attributable to the Financial Services
Businesses available to holders of Common Stock after direct equity
adjustment ...................................................... $1,498 467.7 $3.20 $(726) 463.1 $(1.57)
Prudential Financial, Inc. 2015 Annual Report 163