EMC 2009 Annual Report Download - page 79

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Table of Contents
EMC CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
O. Stockholders' Equity
Net Income Per Share
The reconciliation from basic to diluted earnings per share for both the numerators and denominators is as follows (table in thousands):
2009
2008
(As Adjusted)
2007
(As Adjusted)
Numerator:
Net income attributable to EMC Corporation $ 1,088,077 $ 1,275,104 $ 1,598,965
Incremental dilution from VMware (2,252) (7,516) (4,756)
Net income – diluted attributable to EMC Corporation $ 1,085,825 $ 1,267,588 $ 1,594,209
Denominator:
Weighted average shares, basic 2,022,371 2,048,506 2,079,542
Weighted common stock equivalents 29,393 31,287 54,651
Assumed conversion of the Notes and Sold Warrants 3,382 60 23,680
Weighted average shares, diluted 2,055,146 2,079,853 2,157,873
Options to acquire 152.4 million, 144.2 million and 98.4 million shares of common stock for the years ended December 31, 2009, 2008 and 2007,
respectively, were excluded from the calculation of diluted earnings per share because they were antidilutive. The incremental dilution from VMware
represents the impact of VMware's dilutive securities on EMC's consolidated diluted net income per share and is calculated by multiplying the difference
between VMware's basic and diluted earnings per share by the number of VMware shares owned by EMC.
Share Repurchase Program
We utilize both authorized and unissued shares including repurchased shares, to satisfy all shares issued under our equity plans. Our Board of Directors
authorized the repurchase of 250.0 million shares of our common stock in April 2006 and an additional 250.0 million shares of our common stock in April
2008. Of the 500.0 million shares authorized for repurchase through December 31, 2009, we have repurchased 311.4 million shares at a total cost of $4.2
billion, leaving a remaining balance of 188.6 million shares authorized for future repurchases. In January 2010, a buyback of up to $1.0 billion for future
repurchases was authorized.
Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss, which is presented net of tax, consists of the following (table in thousands):
December 31,
2009
December 31,
2008
Foreign currency translation adjustments, net of tax benefits of $0 and $0 $ (2,349) $ (17,299)
Unrealized losses on temporarily impaired investments, net of tax benefits of $(8,679) and $(35,150) (15,361) (54,423)
Unrealized gains on investments, net of taxes of $14,329 and $17,419 23,617 27,624
Unrealized gains (losses) on derivatives, net of taxes (benefits) of $599 and $(108) 2,211 (976)
Recognition of actuarial net loss from pension and other postretirement plans, net of tax benefits of $(68,996) and $(82,088) (113,001) (134,878)
(104,883) (179,952)
Less: Accumulated Other Comprehensive Income attributable to the non-controlling interest in VMware, Inc. (839) —
$ (105,722) $ (179,952)
77