Xerox 2014 Annual Report Download - page 138
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Note 22 – Earnings per Share
The following table sets forth the computation of basic and diluted earnings per share of common stock (shares in
thousands):
Year Ended December 31,
2014 2013 2012
Basic Earnings per Share:
Net income from continuing operations attributable to Xerox $ 1,084 $1,139 $1,152
Accrued dividends on preferred stock (24)(24)(24)
Net Income From Continuing Operations Available to Common
Shareholders $1,060 $1,115 $1,128
Net (loss) income from discontinued operations attributable to Xerox (115)20 43
Adjusted Net Income Available to Common Shareholders $945 $1,135 $1,171
Weighted-average common shares outstanding 1,154,365 1,225,486 1,302,053
Basic Earnings (Loss) per Share:
Continuing operations $0.92 $0.91 $0.87
Discontinued operations (0.10)0.02 0.03
Basic Earnings per Share $0.82 $0.93 $0.90
Diluted Earnings per Share:
Net income from continuing operations attributable to Xerox $1,084 $1,139 $1,152
Accrued dividends on preferred stock — — (24)
Interest on Convertible Securities, net —11
Adjusted Net Income From Continuing Operations Available to
Common Shareholders $1,084 $1,140 $1,129
Net (loss) income from discontinued operations attributable to Xerox (115)20 43
Adjusted Net Income Available to Common Shareholders $969 $1,160 $1,172
Weighted-average common shares outstanding 1,154,365 1,225,486 1,302,053
Common shares issuable with respect to:
Stock options 2,976 5,401 4,335
Restricted stock and performance shares 14,256 13,931 20,804
Convertible preferred stock 26,966 26,966 —
Convertible securities — 1,743 1,992
Adjusted Weighted Average Common Shares Outstanding 1,198,563 1,273,527 1,329,184
Diluted Earnings (Loss) per Share:
Continuing operations $0.90 $0.89 $0.85
Discontinued operations (0.09)0.02 0.03
Diluted Earnings per Share $0.81 $0.91 $0.88
The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable
shares or shares that if included would have been anti-dilutive (shares in thousands):
Stock Options 3,139 8,798 29,397
Restricted stock and performance shares 17,987 12,411 23,430
Convertible preferred stock — — 26,966
Total Anti-Dilutive Securities 21,126 21,209 79,793
Dividends per Common Share $0.25 $0.23 $0.17
Note 23 – Subsequent Event
In January 2015, we completed the acquisition of Intrepid Learning Solutions, Inc. (Intrepid), a Seattle-based
company, for $28 in cash. Intrepid provides outsourced learning services primarily in the aerospace manufacturing
and technology industries. The acquisition of Intrepid will solidify the position of Xerox's Learning Services unit as a
leading provider of end-to-end outsourced learning services, and will also add key vertical market expertise in the
aerospace industry.
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