Saks Fifth Avenue 2009 Annual Report Download - page 71

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Table of Contents
SAKS INCORPORATED & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
EARNINGS PER SHARE
Basic earnings per share (“EPS”) have been computed based on the weighted average number of common shares outstanding.
2009
2008
(Revised)
2007
(Revised)
Net Loss Shares
Per
Share
Amount Net Loss Shares
Per
Share
Amount
Net
Income Shares
Per
Share
Amount
Basic EPS $ (57,919) 143,194 $ (0.40) $ (158,804) 138,384 $ (1.15) $ 43,882 140,402 $ 0.31
Effect of dilutive potential common shares — — — — — — — 13,128 (.02)
Diluted EPS $ (57,919) 143,194 $ (0.40) $ (158,804) 138,384 $ (1.15) $ 43,882 153,530 $ 0.29
For the years ended January 30, 2010 and January 31, 2009, the Company generated net losses from continuing operations, and therefore the inclusion of
potential common shares would have had an anti-dilutive effect on the Company’s calculation of the diluted loss per share. Accordingly, the Company’s diluted
loss per share equals basic loss per share for both of these periods.
The following table presents additional potentially dilutive common shares excluded from diluted earnings (loss) per share because the effect of including
these potential shares would have been anti-dilutive:
2009 2008 2007
Stock Options and Employee Stock Purchase Plan Shares 101 346 —
Unvested Restricted Stock Awards and Performance Shares 3,944 1,889 —
Total 4,045 2,235 —
Securities excluded from the diluted earnings (loss) per share calculation because the exercise prices was greater than the average
market price
Stock Options (1) 1,659 1,811 688
Securities excluded from the diluted earnings (loss) per share calculation because the performance criteria were not met:
Performance Shares 75 845 —
(1) These options represent the number outstanding at the end of the respective year. At the point that the exercise price is less than the average market price,
these options have the potential to be dilutive and application of the treasury method would reduce this amount.
There were also 40,889 potentially dilutive shares under the 7.5% and 2.0% Convertible Notes that were not included in the computation of diluted EPS
for the year ended January 30, 2010 because inclusion of the potential common shares would have been anti-dilutive as the Company generated a net loss for the
period. For the year ended January 31, 2009 there were 19,219 potentially dilutive shares under the 2.0% Convertible Notes that were not included in the
computation of diluted EPS because inclusion of the potential common shares would have been anti-dilutive as the Company generated a net loss for the period.
Included in the computation of diluted EPS for the year ended February 2, 2008 are 11,190 potentially dilutive shares associated with shares the Company would
issue to settle the difference between fair value and the par value of the convertible notes upon conversion
F-15
Source: SAKS INC, 10-K, March 18, 2010 Powered by Morningstar® Document Research℠