Atari 2011 Annual Report Download - page 69

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ANNUAL FINANCIAL REPORT – REGISTRATION DOCUMENT
69
warrants issued by the Company on December 22, 2006 and January 24, 2007. A total of 167,350,200 2007 stock
warrants – representing 88.9% of the 2007 warrants still outstanding – were tendered to the offer. Following the public
exchange offer 1,673,502 “2009 warrants” had been issued. The 2009 warrants are subject to the same conditions as
the 2007 warrants, apart from (i) the exercise price, which has been set at €6 per warrant (versus €15 per 100 2006-
2007 warrants) and (ii) the expiration date, which has been set at December 31, 2012 (compared with
December 31, 2009). A total of 2,078,940 “2009 warrants” have been issued with one warrant exercisable for one new
share at a unit price of €6, until December 31, 2012.
Taking into account the adjustment made to the related exchange parities in January, 2010, 1.12 warrant is exercisable
for one new share at a price of €6.
As of March 31, 2011 a total of 2,063,174 “2009 warrants” remained outstanding and could be exercised at any time until
December 31, 2012. If all the warrants were exercised, this would result in the issue of 2,310,755 shares with a dilutive
effect of 9.5% on the Company’s capital as of March 31, 2011.
11.4. ATARI SA STOCK OPTION PLAN
The Board of Directors has been authorized, until November 29, 2013, to grant options for new or existing common
shares of the Company to officers, directors and certain employees of the Group, subject to the ceiling set in
Article L.225-182 of the French Commercial Code (Code de commerce). The exercise price of these options may not
represent less than 95% of the average trading price of the Company's common stock over the twenty trading days
immediately preceding the option grant date. The options generally vest ratably over a three-year period from their grant
date subject to certain conditions and are exercisable for a period of up to eight years. No options may be granted to
Group officers, directors or employees who already own more than 10% of the Company's common stock.
11.5. BASIC AND DILUTED EARNINGS PER SHARE
The table below reconciles basic earnings per share with diluted earnings per share:
Convertible instruments, the ORANE bonds, grants of free shares, stock options and stock warrants were not taken into
account when calculating diluted earnings (loss) per share for Fiscal Years 2009/2010 and 2010/2011, as their impact
was anti-dilutive.
Attributale
profit (loss)
for the year
(€ million)
Average
number of
shares
outstanding
Earning
(loss) per
share (€)
2010-2011
From continuing and discontinued operations - basic (6.2) 21 064 412 (0.29)
From continuing operations - basic (0.9) 21 064 412 (0.04)
Dilutive impact of ORANE bonds
- - -
Dilutive impact of stocks options
- - -
Dilutive impact of stocks w arrants
- - -
Dilutive impact of free shares granted
- - -
Dilutive impact of OCEANE bonds
- - -
From continuing and discontinued operations - diluted (6.2) 21 064 412 (0.29)
From continuing operations - diluted (0.9) 21 064 412 (0.04)
2009-2010
From continuing and discontinued operations - basic (23.2) 15 150 987 (1.53)
From continuing operations - basic (26.9) 15 150 987 (1.78)
Dilutive impact of ORANE bonds
- - -
Dilutive impact of stocks options
Dilutive impact of stocks w arrants
Dilutive impact of free shares granted
Dilutive impact of OCEANE bonds
- - -
From continuing and discontinued operations - diluted (23.2) 15 150 987 (1.53)
From continuing operations - diluted (26.9) 15 150 987 (1.78)