Dow Chemical 2015 Annual Report Download - page 115

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105
NOTE 14 – EARNINGS PER SHARE CALCULATIONS
The following tables provide the earnings per share calculations for the years ended December 31, 2015, 2014 and 2013:
Net Income for Earnings Per Share Calculations - Basic
In millions 2015 2014 2013
Net income attributable to The Dow Chemical Company $ 7,685 $ 3,772 $ 4,787
Preferred stock dividends (340) (340) (340)
Net income attributable to participating securities (1) (51) (27) (38)
Net income attributable to common stockholders $ 7,294 $ 3,405 $ 4,409
Earnings Per Share Calculations - Basic
Dollars per share 2015 2014 2013
Net income attributable to The Dow Chemical Company $ 6.80 $ 3.22 $ 4.04
Preferred stock dividends (0.30) (0.29) (0.29)
Net income attributable to participating securities (1) (0.05) (0.02) (0.03)
Net income attributable to common stockholders $ 6.45 $ 2.91 $ 3.72
Net Income for Earnings Per Share Calculations - Diluted
In millions 2015 2014 2013
Net income attributable to The Dow Chemical Company $ 7,685 $ 3,772 $ 4,787
Preferred stock dividends (2) — (340) —
Net income attributable to participating securities (1) (51) (27) (38)
Net income attributable to common stockholders $ 7,634 $ 3,405 $ 4,749
Earnings Per Share Calculations - Diluted
Dollars per share 2015 2014 2013
Net income attributable to The Dow Chemical Company $ 6.19 $ 3.18 $ 3.71
Preferred stock dividends (2) — (0.29) —
Net income attributable to participating securities (1) (0.04) (0.02) (0.03)
Net income attributable to common stockholders $ 6.15 $ 2.87 $ 3.68
Share Count Information
Shares in millions 2015 2014 2013
Weighted-average common shares - basic 1,130.1 1,170.9 1,186.2
Plus dilutive effect of stock options and awards 14.5 16.1 7.4
Plus dilutive effect of assumed conversion of preferred stock (3) 96.8 — 96.8
Weighted-average common shares - diluted 1,241.4 1,187.0 1,290.4
Stock options and deferred stock awards excluded from EPS calculations (4) 4.6 5.8 47.4
(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 period ended December
31, 2014, 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 period ended December 31, 2014,
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.