Tyson Foods 2012 Annual Report Download - page 54

Download and view the complete annual report

Please find page 54 of the 2012 Tyson Foods annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 91

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91

54
NOTE 10: EARNINGS PER SHARE
The earnings and weighted average common shares used in the computation of basic and diluted earnings per share are as follows:
in millions, except per share data
2012 2011 2010
Numerator:
Net income $ 576 $ 733 $ 765
Less: Net loss attributable to noncontrolling interest (7)(17)(15)
Net income attributable to Tyson 583 750 780
Less Dividends:
Class A ($0.16/share) 47 49 49
Class B ($0.144/share) 10 10 10
Undistributed earnings $ 526 $ 691 $ 721
Class A undistributed earnings $ 433 $ 572 $ 597
Class B undistributed earnings 93 119 124
Total undistributed earnings $ 526 $ 691 $ 721
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares 293 303 303
Class B weighted average shares, and shares under if-converted
method for diluted earnings per share 70 70 70
Effect of dilutive securities:
Stock options and restricted stock 466
Convertible 2013 Notes 3 1 —
Denominator for diluted earnings per share – adjusted weighted
average shares and assumed conversions 370 380 379
Net Income Per Share Attributable to Tyson:
Class A Basic $ 1.64 $ 2.04 $ 2.13
Class B Basic $ 1.48 $ 1.84 $ 1.91
Diluted $ 1.58 $ 1.97 $ 2.06
Approximately 4 million, 4 million and 5 million in fiscal 2012, 2011 and 2010, respectively, of our stock-based compensation shares
were antidilutive and were not included in the dilutive earnings per share calculation.
We have two classes of capital stock, Class A stock and Class B stock. Cash dividends cannot be paid to holders of Class B stock
unless they are simultaneously paid to holders of Class A stock. The per share amount of cash dividends paid to holders of Class B
stock cannot exceed 90% of the cash dividends paid to holders of Class A stock.
We allocate undistributed earnings based upon a 1 to 0.9 ratio per share to Class A stock and Class B stock, respectively. We allocate
undistributed earnings based on this ratio due to historical dividend patterns, voting control of Class B shareholders and contractual
limitations of dividends to Class B stock.