Travelers 2004 Annual Report Download - page 163

THE ST. PAUL TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
7. EARNINGS PER SHARE, Continued
The following is a reconciliation of the income and share data used in the basic and diluted earnings per
share computations:
(for the year ended December 31, in millions, except per share amounts) 2004 2003 2002
Basic
Net income (loss), as reported ............................................ $ 955 $1,696 $ (27)
Preferred stock dividends, net of taxes ..................................... (6) ——
Net income (loss) available to common shareholders ...................... $ 949 $1,696 $ (27)
Diluted
Net income (loss) available to common shareholders .......................... $ 949 $1,696 $ (27)
Effect of dilutive securities:
Dilutive affect of affiliates ........................................... (3) ——
Equity unit stock purchase contracts ................................... 12 ——
Convertible preferred stock .......................................... 4——
Zero coupon convertible notes ........................................ 2——
Convertible junior subordinated notes .................................. —26 —
Net income (loss) available to common shareholders ...................... $ 964 $1,722 $ (27)
Common Shares
Basic
Weighted average shares outstanding ...................................... 608.3 434.3 411.5
Diluted
Weighted average shares outstanding ...................................... 608.3 434.3 411.5
Weighted average effects of dilutive securities:
Stock options and other incentive plans ................................. 2.9 2.3 0.8
Equity unit stock purchase contracts ................................... 11.5 ——
Convertible preferred stock .......................................... 3.8 ——
Zero coupon convertible notes ........................................ 1.8 ——
Convertible junior subordinated notes .................................. —16.7 —
Total ........................................................ 628.3 453.3 412.3
Net Income (Loss) Per Common Share
Basic ................................................................ $ 1.56 $ 3.91 $ (0.07)
Diluted .............................................................. $ 1.53 $ 3.80 $ (0.07)
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