Air Canada 2008 Annual Report Download - page 126
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2008 Air Canada Annual Report
126
12. EARNINGS PER SHARE
The following table outlines the calculation of basic and diluted earnings per share:
(in millions, except per share amounts) 2008 2007
Numerator:
Numeratorforbasicearningspershare:
Income (loss) for the year $ (1,025) $ 429
Adjusted numerator for diluted earnings per share $ (1,025) $ 429
Denominator:
Denominatorforbasicearningspershare:
Weighted-average shares 100 100
Effect of potential dilutive securities:
Performance share units - 1
Adjusted denominator for diluted earnings per share 100 101
Basic earnings (loss) per share $ (10.25) $ 4.29
Diluted earnings (loss) per share $ (10.25) $ 4.27
The calculation of earnings per share is based on whole dollars and not on rounded millions.
As a result, the above amounts may not be recalculated to the per share amount disclosed above.
The dilutive effect of outstanding stock options on earnings per share is based on the application of the treasury stock
method. Under this method, the proceeds from the exercise of such securities are assumed to be used to purchase Class B
Voting Shares.
Excluded from the 2008 calculation of diluted earnings per share were 1,701,447 (2007 - 1,606,820) outstanding options
where the options’ exercise prices were greater than the average market price of the common shares for the year. The
1,671,068 performance share units outstanding at December 31, 2008 were also excluded as management determined that
the performance vesting criteria will not be met