Black & Decker 2014 Annual Report Download - page 93

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79
Earnings per Share Computation:
2014 2013 2012
Numerator (in millions):
Net earnings from continuing operations attributable to common
shareowners ............................................................................................ $ 857.2 $ 520.0 $ 458.1
Net (loss) earnings from discontinued operations .................................. (96.3)(29.7) 425.7
Net earnings attributable to common shareowners................................. $ 760.9 $ 490.3 $ 883.8
Less: Earnings attributable to participating restricted stock units
(“RSU’s”) ........................................................................................ —0.2 1.2
Net Earnings — basic...................................................................... $ 760.9 $ 490.1 $ 882.6
Net Earnings — diluted ................................................................... $ 760.9 $ 490.3 $ 883.8
2014 2013 2012
Denominator (in thousands):
Basic earnings per share –– weighted-average shares..................... 156,090 155,237 163,067
Dilutive effect of stock options and awards .................................... 3,647 3,539 3,634
Diluted earnings per share –– weighted-average shares.................. 159,737 158,776 166,701
2014 2013 2012
Earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock:
Continuing operations .............................................................. $ 5.49 $ 3.35 $ 2.81
Discontinued operations........................................................... (0.62)(0.19) 2.61
Total basic earnings per share of common stock...................... $ 4.87 $ 3.16 $ 5.41
Diluted earnings (loss) per share of common stock:
Continuing operations .............................................................. $ 5.37 $ 3.28 $ 2.75
Discontinued operations........................................................... (0.60)(0.19) 2.55
Total dilutive earnings per share of common stock.................. $ 4.76 $ 3.09 $ 5.30
The following weighted-average stock options and warrants were not included in the computation of diluted shares outstanding
because the effect would be anti-dilutive (in thousands):
2014 2013 2012
Number of stock options .......................................................................... 634 307 1,825
Number of stock warrants ........................................................................ —— 3,419
During August and September 2012, 4,938,624 stock warrants expired which were associated with the $320.0 million
convertible notes that matured in May 2012. No shares were issued upon their expiration as the warrants were out of the
money.
As described in detail below, under "Other Equity Arrangements", the Company issued Equity Units comprised of $345.0 million
of Notes and Equity Purchase Contracts, which obligate the holders to purchase on November 17, 2016, for $100, between 1.0122
and 1.2399 shares of the Company’s common stock. The shares related to the Equity Purchase Contracts were anti-dilutive during
2014. Upon the November 17, 2016 settlement date, the Company will issue approximately 3.5 to 4.3 million shares of common
stock, subject to customary anti-dilution adjustments, and expects to receive additional cash proceeds of $345.0 million.
As of January 3, 2015 and December 28, 2013, there were no shares related to stock warrants included in the calculation of
diluted earnings per share as the warrants expired in the third quarter of 2012.