Carnival Cruises 2015 Annual Report Download - page 65

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Adjusted fully diluted earnings per share was computed as follows (in millions, except per share data):
Years Ended November 30,
2015 2014 2013
Net income
U.S. GAAP net income ....................................... $1,757 $1,216 $1,055
Restructuring expenses ....................................... 25 18 -
(Gains) losses on ship sales and ship impairments, net ............... (8) 2(a) 163(b)
Ibero trademark and other impairment charges ..................... - - 27(c)
Unrealized losses (gains) on fuel derivatives, net ................... 332 268 (36)
Adjusted net income ........................................ $2,106 $1,504 $1,209
Weighted-average shares outstanding ............................. 779 778 777
Earnings per share
U.S. GAAP earnings per share ................................ $ 2.26 $ 1.56 $ 1.36
Restructuring expenses ....................................... 0.03 0.02 -
(Gains) losses on ship sales and ship impairments, net ............... (0.01) - (a) 0.21 (b)
Ibero trademark and other impairment charges ..................... - - 0.03 (c)
Unrealized losses (gains) on fuel derivatives, net ................... 0.42 0.35 (0.05)
Adjusted earnings per share .................................. $ 2.70 $ 1.93 $ 1.55
(a) Represents impairment charges of $22 million for Grand Celebration and $31 million for Grand Holiday,
partially offset by gains of $37 million from the sale of Costa Voyager and $14 million from the sale of
Ocean Princess.
(b) Substantially due to $176 million of impairment charges related to Costa Classica and Costa Voyager,
partially offset by a $15 million gain in our Tour and Other segment from the sale of a former Holland
America Line ship, which was on charter to an unaffiliated entity.
(c) Represents impairment charges of $14 million for an investment and $13 million for Ibero’s remaining
trademarks’ carrying value.
Net cruise revenues decreased slightly by $50 million, to $12.8 billion in 2015 from $12.9 billion in 2014.
The slight decrease in net cruise revenues was caused by:
– $695 million – 2015 foreign currency translational impact and
– $141 million – 2015 foreign currency transactional impact.
These decreases were partially offset by:
– $565 million – 4.3% increase in constant currency net revenue yields and
– $221 million – 1.7% capacity increase in ALBDs.
The 4.3% increase in net revenue yields on a constant currency basis was due to a 3.8% increase in net passenger
ticket revenue yields and a 5.9% increase in net onboard and other revenue yields.
The 3.8% increase in net passenger ticket revenue yields was caused by a 5.9% increase from our North America
brands and a slight increase from our EAA brands. The increase in net passenger ticket revenue yields was driven
primarily by improvements in Alaskan and Caribbean itineraries for our North America brands.
The 5.9% increase in net onboard and other revenue yields was caused by a 7.1% increase from our North
America brands and a 2.2% increase from our EAA brands.
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