Air Canada 2009 Annual Report Download - page 123
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Consolidated Financial Statements and Notes
123
12. EARNINGS PER SHARE
The following table outlines the calculation of basic and diluted earnings per share:
(in millions, except per share amounts) 2009 2008
Numerator:
Numerator for basic earnings per share:
Loss for the year $ (24) $ (1,025)
Adjusted numerator for diluted earnings per share $ (24) $ (1,025)
Denominator:
Denominator for basic earnings per share:
Weighted-average shares 132 100
Effect of potential dilutive securities:
Contingently issuable shares 5 -
Warrant - -
Stock options - -
Performance share units - -
5 -
Add back anti-dilutive impact (5) -
Adjusted denominator for diluted earnings per share 132 100
Basic loss per share $ (0.18) $ (10.25)
Diluted loss per share $ (0.18) $ (10.25)
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. Contingently issuable shares relate to the dilutive impact of the shares issued under the Pension MOUs, as
described in Note 8, from the date of the agreement in July to the date of their issuance on October 26, 2009.
Excluded from the 2009 calculation of diluted earnings per share were 3,724,659 (2008 - 1,701,447) outstanding options
where the options’ exercise prices were greater than the average market price of the common shares for the year. The
561,846 equity settled performance share units outstanding at December 31, 2009 (2008 - 559,885) were also excluded
as management determined that the performance vesting criteria will not be met. 90,001,652 warrants were also excluded
from the 2009 calculation of diluted earnings per share where the warrants’ exercise prices were greater than the average
market price of the common shares for the year.