Xerox 2008 Annual Report Download - page 91

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Notes to the Consolidated
Financial Statements
(in millions, except per share data and
unless otherwise indicated)
The following table provides information relating to stock option
exercises for the three years ended December 31, 2008:
2008 2007 2006
Total intrinsic value $4 $61 $72
Cash received 665 82
Tax benefit realized for tax deductions 222 25
Treasury Stock
The Board of Directors has cumulatively authorized programs for
the repurchase of the Company’s common stock totaling $4.5
billion as of December 31, 2008. The $4.5 billion includes
additional authorizations of $1.0 billion in both January and July of
2008.
Through December 31, 2008, we have repurchased a cumulative
total of 194.1 million shares at a cost of $2,945 (including
associated fees of $4) under these stock repurchase programs.
Note 18 – Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share of common stock for the three years ended
December 31, 2008 (shares in thousands):
2008 2007 2006
Basic Earnings per Share:
Net Income $ 230 $ 1,135 $ 1,210
Accrued dividends on Series C Mandatory Convertible Preferred Stock —— (29)
Adjusted net income available to common shareholders $ 230 $ 1,135 $ 1,181
Weighted Average Common Shares Outstanding 885,471 934,903 943,852
Basic Earnings per Share $ 0.26 $ 1.21 $ 1.25
Diluted Earnings per Share:
Net Income $ 230 $ 1,135 $ 1,210
Interest on Convertible securities, net —11
Adjusted net income available to common shareholders $ 230 $ 1,136 $ 1,211
Weighted Average Common Shares Outstanding 885,471 934,903 943,852
Common shares issuable with respect to:
Stock options 3,885 8,650 9,300
Restricted stock and performance shares 6,186 7,396 3,980
Series C Mandatory Convertible Preferred Stock —— 37,398
Convertible securities —1,992 1,992
Adjusted Weighted Average Shares Outstanding 895,542 952,941 996,522
Diluted Earnings per Share $ 0.26 $ 1.19 $ 1.22
The 2008, 2007 and 2006 computation of diluted earnings per
share did not include the effects of 29 million, 23 million and
27 million stock options, respectively, because their respective
exercise prices were greater than the corresponding market value
per share of our common stock. In addition, the common shares
issuable with respect to convertible securities were not included in
the 2008 computation of diluted EPS because to do so would have
been anti-dilutive.
Xerox 2008 Annual Report 89