Xerox 2004 Annual Report Download - page 82
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80
2004 2003 2002
Basic Earnings per common share:
Income from continuing operations before cumulative effect of
change in accounting principle $776$ 360 $ 154
Accrued dividends on:
Series C Mandatory Convertible Preferred Stock (57) (30) —
Series B Convertible Preferred Stock, net (16) (41) (73)
Adjusted income from continuing operations before cumulative effect
of change in accounting principle 703 289 81
Gain on sale of ContentGuard, net 83 — —
Cumulative effect of change in accounting principle ——(63)
Adjusted net income available to common shareholders $786$ 289 $ 18
Weighted average common shares outstanding 834,321 769,032 731,280
Basic earnings per share:
Income from continuing operations before cumulativeeffect
of change in accounting principle $0.84 $ 0.38 $ 0.11
Gain on sale of ContentGuard, net 0.10 ——
Cumulativeeffect of change in accounting principle ——(0.09)
Basic earnings per share $ 0.94 $ 0.38 $ 0.02
Diluted Earnings per common share:
Income from continuing operations before cumulative effect
of change in accounting principle $776$ 360 $ 154
ESOP expense adjustment, net (6) (35) (73)
Accrued dividends on Series C Mandatory Convertible Preferred Stock —(30) —
Interest on Convertible Securities, net of tax 51 — —
Adjusted income from continuing operations before cumulativeeffect
of change in accounting principle 821 295 81
Gain on sale of ContentGuard, net 83 ——
Cumulative effect of change in accounting principle ——(63)
Adjusted net income available to common shareholders $904$ 295 $ 18
Weighted Average Common Shares Outstanding 834,321 769,032 731,280
Common shares issuable with respect to:
Stock options 14,1988,273 5,401
Series B Convertible Preferred Stock 17,359 51,082 70,463
Convertible Securities 106,272 — —
Series C Mandatory Convertible Preferred Stock 74,797 ——
Adjusted Weighted Average Shares Outstanding 1,046,947 828,387 807,144
Diluted earnings per share:
Income from continuing operations before cumulativeeffect
of change in accounting principle $ 0.78 $ 0.36 $ 0.10
Gain on sale of ContentGuard, net of income taxes 0.08 ——
Cumulative effect of change in accounting principle ——(0.08)
Diluted earnings per share $ 0.86 $ 0.36 $ 0.02
Note 17 – Earnings Per Share
Basic earnings per share is computed by dividing
income available to common shareholders (the
numerator) by the weighted-average number of com-
mon shares outstanding (the denominator) for the
period. Diluted earnings per share assumes that any
dilutive convertible preferred shares, convertible
subordinated debentures, and convertible securities
outstanding were converted, with related preferred
stock dividend requirements and outstanding
common shares adjusted accordingly. It also assumes
that outstanding common shares were increased by
shares issuable upon exercise of those stock options
for which market price exceeds the exercise price,
less shares which could have been purchased by us
with the related proceeds. In periods of losses, diluted
loss per share is computed on the same basis as basic
loss per share as the inclusion of any other potential
shares outstanding would be anti-dilutive.
The detail of the computation of basic and diluted
EPS follows (shares in thousands):