Black & Decker 2015 Annual Report Download - page 91
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77
Earnings per Share Computation:
2015 2014 2013
Numerator (in millions):
Net earnings from continuing operations attributable to common
shareowners ............................................................................................ $ 903.8 $ 857.2 $ 520.0
Net loss from discontinued operations ................................................... (20.1)(96.3)(29.7)
Net earnings attributable to common shareowners................................. $ 883.7 $ 760.9 $ 490.3
Less: Earnings attributable to participating restricted stock units
(“RSU’s”) ........................................................................................ —— 0.2
Net Earnings — basic...................................................................... $ 883.7 $ 760.9 $ 490.1
Net Earnings — diluted................................................................... $ 883.7 $ 760.9 $ 490.3
2015 2014 2013
Denominator (in thousands):
Basic earnings per share –– weighted-average shares..................... 148,234 156,090 155,237
Dilutive effect of stock options and awards .................................... 4,472 3,647 3,539
Diluted earnings per share –– weighted-average shares.................. 152,706 159,737 158,776
2015 2014 2013
Earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock:
Continuing operations .............................................................. $ 6.10 $ 5.49 $ 3.35
Discontinued operations........................................................... (0.14)(0.62)(0.19)
Total basic earnings per share of common stock...................... $ 5.96 $ 4.87 $ 3.16
Diluted earnings (loss) per share of common stock:
Continuing operations .............................................................. $ 5.92 $ 5.37 $ 3.28
Discontinued operations........................................................... (0.13)(0.60)(0.19)
Total dilutive earnings per share of common stock.................. $ 5.79 $ 4.76 $ 3.09
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):
2015 2014 2013
Number of stock options .......................................................................... 646 634 307
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 and through April 2015. 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.