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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in millions, except per-share data and unless otherwise indicated)
90
Note 20 – Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share of common stock
(in millions, except shares in thousands):
2005 2004 2003
Basic Earnings per Share:
Income from continuing operations before discontinued operations and cumulative
effect of change in accounting principle $ 933 $ 776 $ 360
Accrued dividends on:
Series B Convertible Preferred Stock, net – (16) (41)
Series C Mandatory Convertible Preferred Stock (58) (57) (30)
Adjusted income from continuing operations before discontinued operations and
cumulative effect of change in accounting principle 875 703 289
Income from discontinued operations, net 53 83 –
Cumulative effect of change in accounting principle, net (8) – –
Adjusted net income available to common shareholders $ 920 $ 786 $ 289
Weighted Average Common Shares Outstanding 957,149 834,321 769,032
Basic Earnings per Share:
Income from continuing operations $ 0.91 $ 0.84 $0.38
Income from discontinued operations 0.06 0.10 –
Loss from cumulative effect of change in accounting principle (0.01) – –
Basic Earnings per Share $ 0.96 $ 0.94 $0.38
Diluted Earnings per Share:
Income from continuing operations beforediscontinued operations and cumulative
effect of change in accounting principle $ 933 $ 776 $ 360
ESOP expense adjustment, net – (6) (35)
Accrued dividends on Series C Mandatory Convertible Preferred Stock – – (30)
Interest on Convertible securities, net 1 51 –
Adjusted income from continuing operations before discontinued operations and
cumulative effect of change in accounting principle 934 821 295
Income from discontinued operations, net 53 83 –
Cumulative effect of change in accounting principle, net (8) – –
Adjusted net income available to common shareholders $ 979 $ 904 $ 295
Weighted Average Common Shares Outstanding 957,149 834,321 769,032
Common shares issuable with respect to:
Stock options and restricted stock 11,415 14,198 8,273
Series B Convertible Preferred Stock – 17,359 51,082
Series C Mandatory Convertible Preferred Stock 74,797 74,797 –
Convertible securities 1,992 106,272 –
Adjusted Weighted Average Shares Outstanding 1,045,353 1,046,947 828,387
Diluted Earnings per Share:
Income from continuing operations $ 0.90 $ 0.78 $0.36
Income from discontinued operations 0.05 0.08 –
Loss from cumulative effect of change in accounting principle (0.01) – –
Diluted Earnings per Share $ 0.94 $ 0.86 $0.36
Xerox Annual Report 2005