Air Canada 2011 Annual Report Download - page 117
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2011 Consolidated Financial Statements and Notes
117
16. EARNINGS PER SHARE
The following table outlines the calculation of basic and diluted earnings per share:
(in millions, except per share amounts) 2011 2010
Numerator:
Numerator for basic and diluted earnings per share:
Net loss attributable to shareholders of Air Canada $ (255) $ (33)
Denominator:
Weighted-average shares 278 278
Effect of potential dilutive securities:
Warrants 9 13
Stock options 1 1
Shares held in Trust for employee share-based compensation award 1 –
11 14
Add back anti-dilutive impact (11) (14)
Adjusted denominator for diluted earnings per share 278 278
Basic and diluted loss per share $ (0.92) $ (0.12)
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.
Basic EPS is calculated based on the weighted average number of ordinary shares in issue after deducting shares held in trust
for the purposes of the Employee Recognition Award.
Excluded from the 2011 calculation of diluted earnings per share were 5,897,000 (2010 – 2,368,000) outstanding options
where the options’ exercise prices were greater than the average market price of the ordinary shares for the year. In 2011 a
weighted average of 80,478,701 warrants were excluded from the calculation of diluted earnings per share as the warrants’
exercise prices were greater than the average market price of the ordinary shares for the year. All outstanding warrants were
included in the 2010 calculation of diluted earnings per share.