Dow Chemical 2013 Annual Report Download - page 21
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2013 Annual Report 19
In millions
Twelve Months Ended December 31 2013 2012
Share count diluted, excluding preferred stock conversion to common shares 1,193.6 1,176.4
Potential common shares from assumed conversion of preferred stock,
included in reported GAAP EPS calculation 96.8 N/A
Share count diluted, including assumed preferred stock
conversion to common shares 1,290.4 N/A
Common Shares Diluted
1 See “Pretax Impact” columns on the “Certain Items Impacting Results” chart on page 18 for additional detail on “Certain items impacting EBITDA.”
Adjusted EBITDA Margins Calculation
In millions
Twelve Months Ended December 31 2013 2012
Net Sales $ 57,080 $ 56,786
Adjusted EBITDA $ 8,362 $ 7,453
Adjusted EBITDA Margins 14.6% 13.1%
The Company uses EBITDA (which Dow defines as earnings [i.e., “Net Income”] before interest, income taxes, depreciation and amortization) as its
measure of profit/loss for segment reporting purposes. A reconciliation of EBITDA to “Net Income Available for The Dow Chemical Company Common
Stockholders” is provided below.
Adjusted EBITDA Calculation
In millions
Twelve Months Ended December 31 2013 2012
EBITDA $10,545 $ 5,591
- Certain items impacting EBITDA1 2,183 (1,862)
Adjusted EBITDA $ 8,362 $ 7,453
The following table presents diluted share counts for the twelve-month periods ended December 31, 2013, and December 31, 2012, including
the effect of an assumed conversion of the Company’s Cumulative Convertible Perpetual Preferred Stock, Series A, into shares of the Company’s
common stock:
Reconciliation of EBITDA to “Net Income Available for The Dow Chemical Company Common Stockholders”
In millions (Unaudited)
Twelve Months Ended December 31 2013 2012
EBITDA $10,545 $5,591
- Depreciation and amortization 2,681 2,698
+ Interest income 41 41
- Interest expense and amortization of debt discount 1,101 1,269
Income Before Income Taxes $ 6,804 $ 1,665
- Provision for income taxes 1,988 565
- Net income (loss) attributable to noncontrolling interests 29 (82)
- Preferred stock dividends 340 340
Net Income Available for The Dow Chemical Company Common Stockholders $ 4,447 $ 842