Dow Chemical 2014 Annual Report Download - page 122

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98
NOTE 13 – EARNINGS PER SHARE CALCULATIONS
The following tables provide the earnings per share calculations for the years ended December 31, 2014, 2013 and 2012:
Net Income for Earnings Per Share Calculations - Basic
In millions 2014 2013 2012
Net income attributable to The Dow Chemical Company $ 3,772 $ 4,787 $ 1,182
Preferred stock dividends (340) (340) (340)
Net income attributable to participating securities (1) (27) (38) (13)
Net income attributable to common stockholders $ 3,405 $ 4,409 $ 829
Earnings Per Share Calculations - Basic
Dollars per share 2014 2013 2012
Net income attributable to The Dow Chemical Company $ 3.22 $ 4.04 $ 1.01
Preferred stock dividends (0.29) (0.29) (0.29)
Net income attributable to participating securities (1) (0.02) (0.03) (0.01)
Net income attributable to common stockholders $ 2.91 $ 3.72 $ 0.71
Net Income for Earnings Per Share Calculations - Diluted
In millions 2014 2013 2012
Net income attributable to The Dow Chemical Company $ 3,772 $ 4,787 $ 1,182
Preferred stock dividends (2) (340) — (340)
Net income attributable to participating securities (1) (27) (38) (13)
Net income attributable to common stockholders $ 3,405 $ 4,749 $ 829
Earnings Per Share Calculations - Diluted
Dollars per share 2014 2013 2012
Net income attributable to The Dow Chemical Company $ 3.18 $ 3.71 $ 1.00
Preferred stock dividends (2) (0.29) — (0.29)
Net income attributable to participating securities (1) (0.02) (0.03) (0.01)
Net income attributable to common stockholders $ 2.87 $ 3.68 $ 0.70
Share Count Information
Shares in millions 2014 2013 2012
Weighted-average common shares - basic 1,170.9 1,186.2 1,169.7
Plus dilutive effect of stock options and awards 16.1 7.4 6.7
Plus dilutive effect of assumed conversion of preferred stock (3) — 96.8 —
Weighted-average common shares - diluted 1,187.0 1,290.4 1,176.4
Stock options and deferred stock awards excluded from EPS calculations (4) 5.8 47.4 52.6
(1) Deferred stock awards are considered participating securities due to Dow's practice of paying dividend equivalents on
unvested shares.
(2) Preferred stock dividends were not added back in the calculation of diluted earnings per share for the periods ended December
31, 2014 and December 31, 2012 because the effect of adding them back would have been antidilutive.
(3) Conversion of the Company's 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 for the periods ended December 31, 2014 and
December 31, 2012 because the effect of including them would have been antidilutive.
(4) 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.