eTrade 2005 Annual Report Download - page 30

Table of Contents
ITEM6.
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in millions, except per share and per trade amounts)
Year Ended December31,
Variance
2005
2004
2003
2002
2001
2005vs.2004
Results of Operations:
(1)
Total net revenues
$
1,703.8
$
1,482.9
$
1,342.7
$
1,261.7
$
1,240.2
15
%
Facility restructuring and other exit
activities
(5)
$
30.0
$
(15.7
)
$
(134.2
)
$
(15.4
)
$
(198.6
)
*
Gain (loss) on sale and impairment
of investments
$
83.1
$
128.1
$
147.9
$
(20.3
)
$
(49.5
)
*
Income (loss) from continuing
operations
(2)
$
446.2
$
381.8
$
200.5
$
119.0
$
(238.9
)
17
%
Cumulative effect of accounting
changes
(3)
$
1.6
$
—
$
—
$
(293.7
)
$
—
*
Net income (loss)
$
430.4
$
380.5
$
203.0
$
(186.4
)
$
(241.5
)
13
%
Income (loss) per share from
continuing operations—Basic
$
1.20
$
1.04
$
0.56
$
0.33
$
(0.72
)
15
%
Income (loss) per share from
continuing operations—Diluted
$
1.16
$
0.99
$
0.55
$
0.33
$
(0.72
)
17
%
Net income (loss) per share—Basic
$
1.16
$
1.04
$
0.57
$
(0.52
)
$
(0.73
)
12
%
Net income (loss) per
share—Diluted
$
1.12
$
0.99
$
0.55
$
(0.52
)
$
(0.73
)
13
%
Weighted average shares—Basic
(in thousands)
371,468
366,586
358,320
355,090
332,370
1
%
Weighted average shares—Diluted
(4)
(in thousands)
384,630
405,389
367,361
361,051
332,370
(5
)
%
*
Percentage not meaningful.
(1)
No cash dividends have been declared in any of the periods presented.
(2)
In 2005, we exited the professional proprietary and agency trading businesses and completed the sale of E*TRADE Consumer Finance Corporation. In 2004, we completed the sale of
substantially all of the assets and liabilities of E*TRADE Access. We have reflected the results of these operations as discontinued operations for all periods presented.
(3)
In 2005, we recorded a credit of $1.6 million, net of tax, as a cumulative effect of accounting change, to reflect the amount by which compensation expense would have been reduced in
periods prior to adoption of Statement of Financial Accounting Standards (“SFAS”) No.123(R),
Share-Based Payment
, for restricted stock awards outstanding on July1, 2005. In
2002, impairment of goodwill that was identified upon adoption of SFAS No.142,
Goodwill and Other Intangible Assets
is reported as a cumulative effect of accounting change.
(4)
For 2004, diluted earnings per share is calculated using the “if converted” method, which includes the additional dilutive impact assuming conversion of the Company’s
subordinated convertible debt. Under the “if converted” method, the per share numerator excludes the interest expense and related amortization of offering costs from the convertible
debt, net of tax, of $20.0 million. The denominator includes the shares issuable from the assumed conversion of the convertible debt of 25.8 million. For all other periods presented, the
“if converted” method is not used as its effect would be anti-dilutive.
(5)
Expenses are presented in parentheses.

2006. EDGAR Online, Inc.