Time Magazine 2013 Annual Report Download - page 112

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TIME WARNER INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Year Ended December 31,
2013 2012 2011
Selling, general and administrative expenses ................................. $ (5) $ (12) $ —
Costs of revenues ...................................................... (27) 10 34
Other loss, net ......................................................... (3) — (4)
The following summary sets forth the components of Accumulated other comprehensive loss, net of tax
(millions):
December 31,
2013
December 31,
2012
Foreign currency translation gains (losses) .................................. $ (26) $ 2
Net unrealized gains on securities ......................................... 26 13
Net derivative financial instruments gains ................................... 18 12
Net unfunded/underfunded benefit obligation ................................ (870) (1,016)
Accumulated other comprehensive loss, net ................................. $ (852) $ (989)
11. INCOME PER COMMON SHARE
Set forth below is a reconciliation of Basic and Diluted income per common share from continuing
operations attributable to Time Warner Inc. common shareholders (millions, except per share amounts):
Year Ended December 31,
2013 2012 2011
Income from continuing operations attributable to Time Warner Inc.
shareholders: ................................................ $ 3,554 $ 2,925 $ 2,886
Income allocated to participating securities .......................... (16) (18) (15)
Income from continuing operations attributable to Time Warner Inc.
common shareholders ......................................... $ 3,538 $ 2,907 $ 2,871
Average number of common shares outstanding — basic ............... 920.0 954.4 1,046.2
Dilutive effect of equity awards ................................... 22.6 21.9 18.3
Average number of common shares outstanding — diluted .............. 942.6 976.3 1,064.5
Income per common share from continuing operations attributable to
Time Warner Inc. common shareholders:
Basic .................................................... $ 3.85 $ 3.05 $ 2.74
Diluted ................................................... $ 3.77 $ 3.00 $ 2.71
The computation of diluted income per common share from continuing operations for the years ended
December 31, 2013, 2012 and 2011 excludes certain equity awards for which common shares that may be issued
under the Company’s stock compensation plans because they do not have a dilutive effect as set forth below
(millions):
Year Ended December 31,
2013 2012 2011
Antidilutive equity awards: ................................................. — 25 72
96