Dow Chemical 2009 Annual Report Download - page 149
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Table of Contents
NOTE M – EARNINGS PER SHARE CALCULATIONS
Net Income
In millions 2009 2008 2007
Net income from continuing operations $ 566 $ 626 $ 2,962
Income from discontinued operations, net of income taxes 110 28 23
Net income attributable to noncontrolling interests (28) (75) (98)
Net income attributable to The Dow Chemical Company $ 648 $ 579 $ 2,887
Preferred stock dividends (312) - -
Net income available for common stockholders $ 336 $ 579 $ 2,887
Earnings Per Share Calculations - Basic
Dollars per share 2009 2008 2007
Net income from continuing operations $ 0.54 $ 0.67 $ 3.10
Income from discontinued operations, net of income taxes 0.10 0.03 0.03
Net income attributable to noncontrolling interests (0.02) (0.08) (0.10)
Net income attributable to The Dow Chemical Company $ 0.62 $ 0.62 $ 3.03
Preferred stock dividends (0.30) - -
Net income available for common stockholders $ 0.32 $ 0.62 $ 3.03
Earnings Per Share Calculations - Diluted
Dollars per share 2009 2008 2007
Net income from continuing operations $ 0.54 $ 0.67 $ 3.07
Income from discontinued operations, net of income taxes 0.10 0.03 0.02
Net income attributable to noncontrolling interests (0.02) (0.08) (0.10)
Net income attributable to The Dow Chemical Company $ 0.62 $ 0.62 $ 2.99
Preferred stock dividends (1) (0.30) - -
Net income available for common stockholders $ 0.32 $ 0.62 $ 2.99
Shares in millions
Weighted-average common shares - basic 1,043.2 930.4 953.1
Plus dilutive effect of stock options and awards 10.7 8.6 12.5
Weighted-average common shares - diluted 1,053.9 939.0 965.6
Stock options and deferred stock awards excluded from EPS
calculations (2) 57.3 42.8 21.9
Conversion of preferred stock excluded from EPS calculations (3) 78.5 - -
(1) Preferred stock dividends were not added back in the calculation of diluted earnings per share because the effect of adding them back
would have been antidilutive.
(2) These outstanding options to purchase shares of common stock and deferred stock awards were excluded from the calculation of diluted
earnings per share because the effect of including them would have been antidilutive.
(3) Conversion of the Cumulative Convertible Perpetual Preferred Stock, Series A into shares of the Company’s common stock was
excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive.
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