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NU 2006 ANNUAL REPORT 93
15. Earnings Per Share
Earnings per share (EPS) is computed based upon the weighted average number of common shares outstanding, excluding unallocated ESOP
shares, during each year. Diluted EPS is computed on the basis of the weighted average number of common shares outstanding plus the potential
dilutive effect if certain securities are converted into common stock. In 2006, 2005 and 2004, 2,500 options, 1,122,541 options, and 696,994 options,
respectively, were excluded from the following table as these options were antidilutive. The weighted average common shares outstanding at
December 31, 2006 and 2005 include the impact of the issuance of 23 million common shares on December 12, 2005. The following table sets
forth the components of basic and diluted EPS:
(Millions of Dollars, except share information) 2006 2005 2004
Income/(loss) from continuing operations $126.2 $(266.6) $ 69.8
Income from discontinued operations 344.4 14.1 46.8
Income/(loss) before cumulative effect of accounting change 470.6 (252.5) 116.6
Cumulative effect of accounting change, net of tax benefit —(1.0) —
Net income/(loss) $470.6 $(253.5) $116.6
Basic common shares outstanding (average) 153,767,527 131,638,953 128,245,860
Dilutive effect 379,142 N/A 150,216
Fully diluted common shares outstanding (average) 154,146,669 131,638,953 128,396,076
Basic EPS:
Income/(loss) from continuing operations $ 0.82 $(2.03) $ 0.54
Income from discontinued operations 2.24 0.11 0.37
Cumulativeeffect of accounting change, net of tax benefit —(0.01) —
Net income/(loss) $ 3.06 $ (1.93) $ 0.91
FullyDiluted EPS:
Income/(loss) from continuing operations $0.82 $(2.03) $ 0.54
Income from discontinued operations 2.23 0.11 0.37
Cumulative effect of accounting change, net of tax benefit —(0.01) —
Net income/(loss) $ 3.05 $ (1.93) $ 0.91