Tyson Foods 2014 Annual Report Download - page 73

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NOTE 11: EARNINGS PER SHARE
The earnings and weighted average common shares used in the computation of basic and diluted earnings per share are as follows:
We had approximately 4 million of our stock-based compensation shares that were antidilutive for fiscal 2014, no stock-based compensation
shares that were antidilutive for fiscal 2013 and approximately 4 million of our stock-based compensation shares that were antidilutive for
fiscal 2012 . These shares 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.
65
in millions, except per share data
2014
2013
2012
Numerator:
Income from continuing operations
$
856
$
848
$
614
Less: Net loss attributable to noncontrolling interests
(8
)
—
(
7
)
Net income from continuing operations attributable to Tyson
864
848
621
Less dividends declared:
Class A
94
87
47
Class B
21
19
10
Undistributed earnings
$
749
$
742
$
564
Class A undistributed earnings
$
612
$
606
$
464
Class B undistributed earnings
137
136
100
Total undistributed earnings
$
749
$
742
$
564
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares
284
282
293
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
5
5
4
Tangible Equity Units
1
—
—
Convertible 2013 Notes
—
7
3
Warrants
4
3
—
Denominator for diluted earnings per share – adjusted weighted average shares and
assumed conversions
364
367
370
Net Income Per Share from Continuing Operations Attributable to Tyson:
Class A Basic
$
2.48
$
2.46
$
1.75
Class B Basic
$
2.26
$
2.22
$
1.57
Diluted
$
2.37
$
2.31
$
1.68
Net Income Per Share Attributable to Tyson:
Class A Basic
$
2.48
$
2.26
$
1.64
Class B Basic
$
2.26
$
2.04
$
1.48
Diluted
$
2.37
$
2.12
$
1.58