eTrade 2005 Annual Report Download - page 182

Table of Contents
NOTE 20—INCOME PER SHARE
The following table is a reconciliation of basic and diluted EPS (in thousands, except per share data):
Year Ended December31,
2005
2004
2003
BASIC:
Numerator:
Income from continuing operations
$
446,238
$
381,830
$
200,521
Net income (loss) from discontinued operations
(17,472
)
(1,347
)
2,506
Net income before cumulative effect of accounting change
428,766
380,483
203,027
Cumulative effect of accounting change, net of tax
1,646
—
—
Net income
$
430,412
$
380,483
$
203,027
Denominator:
Basic weighted-average shares outstanding
371,468
366,586
358,320
DILUTED:
Numerator:
Net income
$
430,412
$
380,483
$
203,027
Interest on convertible subordinated notes, net of tax
—
19,963
—
Net income, as adjusted
$
430,412
$
400,446
$
203,027
Denominator:
Basic weighted-average shares outstanding
371,468
366,586
358,320
Effect of dilutive securities:
Weighted-average options and restricted stock issued to employees
11,137
10,461
6,495
Weighted-average warrants and contingent shares outstanding
2,025
2,532
2,546
Shares issuable for assumed conversion of convertible subordinated notes
—
25,810
—
Diluted weighted-average shares outstanding
384,630
405,389
367,361
PER SHARE:
Basic Income Per Share:
Income per share from continuing operations
$
1.20
$
1.04
$
0.56
Net income (loss) per share from discontinued operations
(0.04
)
(0.00
)
0.01
Net income per share before cumulative effect of accounting changes
1.16
1.04
0.57
Cumulative effect of accounting change
0.00
—
—
Income per share
$
1.16
$
1.04
$
0.57
Diluted Income Per Share:
Income per share from continuing operations
$
1.16
$
0.99
$
0.55
Net income (loss) per share from discontinued operations
(0.04
)
(0.00
)
0.00
Net income per share before cumulative effect of accounting change
1.12
0.99
0.55
Cumulative effect of accounting change
0.00
—
—
Net income per share
$
1.12
$
0.99
$
0.55
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