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E. I. du Pont de Nemours and Company
Notes to the Consolidated Financial Statements (continued)
(Dollars in millions, except per share)
F-27
7. EARNINGS PER SHARE OF COMMON STOCK
Set forth below is a reconciliation of the numerator and denominator for basic and diluted earnings per share calculations for the
periods indicated:
2015 2014 2013
Numerator:
Income from continuing operations after income taxes attributable to DuPont $ 1,889 $ 3,135 $ 2,193
Preferred dividends (10)(10)(10)
Income from continuing operations after income taxes available to DuPont
common stockholders $ 1,879 $ 3,125 $ 2,183
Income from discontinued operations after income taxes $ 64 $ 490 $ 2,655
Net income available to common stockholders $ 1,943 $ 3,615 $ 4,838
Denominator:
Weighted-average number of common shares outstanding – Basic 893,992,000 914,752,000 925,984,000
Dilutive effect of the company's equity compensation plans 5,535,000 7,121,000 7,163,000
Weighted-average number of common shares outstanding – Diluted 899,527,000 921,873,000 933,147,000
The weighted-average number of common shares outstanding in 2015 and 2014 decreased as a result of the company's repurchase
and retirement of its common stock, partially offset by the issuance of new shares from the company's equity compensation plans
(see Notes 17 and 19, respectively).
The following average number of stock options are antidilutive and therefore, are not included in the diluted earnings per share
calculation:
2015 2014 2013
Average number of stock options 4,715,000 3,000 2,596,000
The change in the average number of stock options that were antidilutive in 2015 and 2014 was due to changes in the company's
average stock price.
8. ACCOUNTS AND NOTES RECEIVABLE, NET
December 31, 2015 2014
Accounts receivable – trade1$ 3,435 $ 3,690
Notes receivable – trade1,2 301 243
Other3907 1,305
$ 4,643 $ 5,238
1. Accounts and notes receivable – trade are net of allowances of $225 at 2015 and $235 at 2014. Allowances are equal to the estimated uncollectible amounts.
That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts.
2. Notes receivable – trade primarily consists of receivables within the Agriculture segment for deferred payment loan programs for the sale of seed products
to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval
process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of December 31, 2015 and 2014,
there were no significant past due notes receivable, nor were there any significant impairments related to current loan agreements.
3. Other includes receivables in relation to fair value of derivative instruments, indemnification assets, value added tax, general sales tax and other taxes.
Accounts and notes receivable are carried at amounts that approximate fair value.