Air Canada 2013 Annual Report Download - page 129

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2013 Consolidated Financial Statements and Notes
129
15. EARNINGS PER SHARE
The following table outlines the calculation of basic and diluted earnings per share:
(in millions, except per share amounts) 2013 2012
Numerator:
Numerator for basic and diluted earnings per share:
Net income (loss) attributable to shareholders of Air Canada from continuing operations $ 6 $ (85)
Net loss attributable to shareholders of Air Canada from discontinued operations – (55)
Net income (loss) attributable to shareholders of Air Canada $ 6 $ (140)
Denominator:
Weighted-average shares 277 276
Effect of potential dilutive securities:
Warrants 2 –
Stock options 4 1
Shares held in Trust for employee share-based compensation award 1 1
7 2
Add back anti-dilutive impact – (2)
Adjusted denominator for diluted earnings per share 284 276
Basic earnings (loss) per share from continuing operations $ 0.02 $ (0.31)
Diluted earnings (loss) per share from continuing operations $ 0.02 $ (0.31)
Basic and diluted earnings (loss) per share from discontinued operations $ – $ (0.20)
Diluted earnings (loss) per share $ 0.02 $ (0.51)
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 outstanding after deducting shares held in
trust for the purposes of the Employee Recognition Award.
Excluded from the 2013 calculation of diluted earnings per share were 7,027,000 (2012 – 7,865,000) outstanding options
where the options’ exercise prices were greater than the average market price of the ordinary shares for the year. In 2012,
9,638,190 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 warrants were exercised or settled in 2013.