Albertsons 2008 Annual Report Download - page 99

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SUPERVALU INC. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
NOTE 13—NET EARNINGS PER SHARE
The following table reflects the calculation of basic and diluted net earnings per share:
2008 2007 2006
Net earnings per share—basic:
Net earnings $ 593 $ 452 $ 206
Deduct: undistributed net earnings allocable to contingently
convertible debentures (2) — —
Net earnings available to common stockholders $ 591 $ 452 $ 206
Weighted average shares outstanding—basic 211 189 136
Net earnings per share—basic $2.80 $2.38 $1.52
Net earnings per share—diluted:
Net earnings $ 593 $ 452 $ 206
Interest related to dilutive contingently convertible debentures, net
of tax 1 3 7
Net earnings used for diluted net earnings per share calculation $ 594 $ 455 $ 213
Weighted average shares outstanding—basic 211 189 136
Dilutive impact of options and restricted stock outstanding 3 3 2
Dilutive impact of convertible securities 1 4 8
Weighted average shares outstanding—diluted 215 196 146
Net earnings per share—diluted $2.76 $2.32 $1.46
Options to purchase 6, 11, and 3 shares of common stock were outstanding during fiscal 2008, 2007 and 2006,
respectively, but were excluded from the computation of diluted net earnings per share because they were not
dilutive.
NOTE 14—BENEFIT PLANS
Employee Benefit Plans
Substantially all employees of the Company and its subsidiaries are covered by various contributory and
non-contributory pension, profit sharing or 401(k) plans. Union employees participate in multi-employer
retirement plans under collective bargaining agreements, unless the collective bargaining agreement provides for
participation in plans sponsored by the Company. In addition to sponsoring both defined benefit and defined
contribution pension plans, the Company provides health care and life insurance benefits for eligible retired
employees under postretirement benefit plans and short-term and long-term disability benefits to former and
inactive employees prior to retirement under post-employment benefit plans. The terms of these postretirement
benefit plans vary based on employment history, age and date of retirement. For most retirees, the Company
provides a fixed dollar contribution and retirees pay contributions to fund the remaining cost.
On May 31, 2007, the Company authorized amendments to the SUPERVALU Retirement Plan and certain
supplemental executive retirement benefit plans, whereby effective December 31, 2007, service crediting will
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