DELPHI 2012 Annual Report Download - page 117

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95
Weighted Average Shares
As described above, on November 22, 2011, Delphi Automotive PLC completed the exchange of all of the outstanding
equity of Delphi Automotive LLP for 328,244,510 ordinary shares in Delphi Automotive PLC. For the year ended
December 31, 2011, the net income per share is presented giving effect to this transaction on a retrospective basis. In addition,
weighted average shares outstanding for the year ended December 31, 2011 were impacted by the following transactions:
• The redemption of all outstanding Class A and Class C membership interests for $4,565 million on March 31, 2011.
• The repurchase of 10,005 Class B membership interests for approximately $180 million in 2011.
• The issuance of 24,000 Class E-1 membership interests to the Board of Managers as part of the Class E-1 Interest
Incentive Plan in June 2010.
The impact of the above transactions on weighted average shares outstanding follows:
Year
Ended December 31,
2011
Year
Ended December 31,
2010
(shares in millions)
Weighted average ordinary shares outstanding as result of the initial public offering.. 328.24 328.24
Redemption of Class A & C membership interests (1)........................................... 86.11 349.21
Repurchase of Class B membership interests......................................................... 6.91 8.57
Weighted average ordinary shares outstanding for the period....................................... 421.26 686.02
(1) The Class A and C membership interests redeemed on March 31, 2011 represented approximately 51% of all outstanding membership interests at the
Acquisition Date. The remaining 49% membership interests consisted primarily of Class B membership interests. The 328.24 million ordinary shares
outstanding as of the date of the initial public offering were adjusted to reflect ordinary shares outstanding for the Class A and C membership interests prior
to March 31, 2011.
The following table illustrates net income per share attributable to Delphi and the weighted average shares outstanding
used in calculating basic and diluted income per share:
Year Ended December 31,
2012 2011 2010
(in millions, except per share data)
Numerator:
Net income attributable to Delphi ..................................................................... $ 1,077 $ 1,145 $ 631
Denominator:
Weighted average ordinary shares outstanding, basic....................................... 322.94 421.26 686.02
Dilutive shares related to RSUs ................................................................. 0.35 — —
Weighted average ordinary shares outstanding, including dilutive shares........ 323.29 421.26 686.02
Net income per share attributable to Delphi:
Basic .................................................................................................................. $ 3.34 $ 2.72 $ 0.92
Diluted............................................................................................................... $ 3.33 $ 2.72 $ 0.92
Anti-dilutive securities share impact:................................................................ 3.15 1.86 —
Share Repurchase Program
In January 2012, the Board of Directors authorized a share repurchase program of up to $300 million of ordinary shares.
The program was scheduled to terminate on the earlier of December 31, 2012 or when the Company attained $300 million of
ordinary share repurchases, which was fully satisfied in September 2012. Subsequently, in September 2012, the Board of
Directors authorized a new share repurchase program of up to $750 million of ordinary shares. This program will terminate
when the Company attains $750 million of ordinary shares repurchases and provides for share repurchases in the open market
or in privately negotiated transactions, depending on share price, market conditions and other factors, as determined by the
Company. During the year ended December 31, 2012, Delphi repurchased 13,421,742 shares at an average price of $30.02,
which totaled approximately $403 million. Approximately $647 million of share repurchases remain available under the
program adopted in September 2012. All repurchased shares were retired, and are reflected as a reduction of ordinary share
capital for the par value of the shares, with the excess applied as reductions to additional paid-in capital and retained earnings.