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DR PEPPER SNAPPLE GROUP, INC.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
99
17. Earnings Per Share
Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of common shares
outstanding for the period. Diluted EPS reflects the assumed conversion of all dilutive securities. The following table presents the
basic and diluted EPS and the Company's basic and diluted shares outstanding for the years ended December 31, 2014, 2013 and
2012 (in millions, except per share data):
For the Year Ended December 31,
2014 2013 2012
Basic EPS:
Net income $ 703 $ 624 $ 629
Weighted average common shares outstanding 195.8 202.9 210.6
Earnings per common share — basic $ 3.59 $ 3.08 $ 2.99
Diluted EPS:
Net income $ 703 $ 624 $ 629
Weighted average common shares outstanding 195.8 202.9 210.6
Effect of dilutive securities:
Stock options, RSUs, PSUs and dividend equivalent units 1.6 1.6 1.7
Weighted average common shares outstanding and common stock
equivalents 197.4 204.5 212.3
Earnings per common share — diluted $ 3.56 $ 3.05 $ 2.96
Stock options, RSUs, PSUs and dividend equivalent units totaling 0.3 million shares were excluded from the diluted weighted
average shares outstanding for the year ended December 31, 2014, as they were not dilutive. Stock options, RSUs, PSUs and
dividend equivalent units totaling 0.5 million shares were excluded from the diluted weighted average shares outstanding for the
years ended December 31, 2013 and 2012, as they were not dilutive.
Under the terms of our RSU and PSU agreements, unvested RSU and PSU awards contain forfeitable rights to dividends and
dividend equivalent units. Because the dividend equivalent units are forfeitable, they are defined as non-participating securities.
As of December 31, 2014, there were 136,157 dividend equivalent units, which will vest at the time that the underlying RSU and
PSU vests.
During 2009, 2010 and 2011, the Board authorized a total aggregate share repurchase plan of $3 billion. The Company
repurchased and retired 6.8 million shares of common stock valued at approximately $400 million, 8.7 million shares of common
stock valued at approximately $400 million and 9.5 million shares of common stock valued at approximately $400 million for the
years ended December 31, 2014, 2013 and 2012, respectively. These amounts were recorded as a reduction of equity, primarily
additional paid-in capital. As of December 31, 2014, $172 million remains available for share repurchase under the Board
authorization.