Ford 2002 Annual Report Download - page 81

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77
NOTES TO FINANCIAL STATEMENTS
In December 2002, we redeemed for cash, at an aggregate redemption price of $177 million, all of our outstanding Series B
Depositary Shares, representing 1/2000 of a share of $1.00 par value Series B Cumulative Preferred Stock.
As discussed in Note 14, Trust II Preferred Securities with an aggregate liquidation preference of $5 billion are outstanding.
At the option of the holder, each Preferred Security is convertible at any time on or before January 15, 2032 into shares of
Ford Common Stock at a rate of 2.8249 shares for each Preferred Security (equivalent to a conversion price of $17.70 per
share). Conversion of all shares of such securities would result in the issuance of 282.5 million shares of Ford Common Stock.
Changes to the number of shares of capital stock issued were as follows (shares in millions):
Common Class B
Stock Stock Preferred
Issued at December 31, 1999 1,151 71 0.004
2000 — Value Enhancement Plan 686 - -
2002— Series B Redemption - - (0.004)
Issued at December 31, 2002 1,837 71 0.000
Authorized at December 31, 2002 6,000 530 30
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK
The calculation of diluted income per share of Common and Class B Stock takes into account the effect of obligations, such
as stock options and convertible securities, considered to be potentially dilutive. Basic and diluted income/(loss) per share
were calculated using the following number of shares (in millions):
2002 2001 2000
Diluted Income/(Loss)
Income/(loss) attributable to Common and Class B
Stock after preferred stock dividends of
$15 million in 2002, 2001 and 2000 $ (995) $ (5,468) $ 3,452
Diluted Shares
Average shares outstanding 1,819 1,820 1,483
Issuable and uncommitted ESOP shares (1) (9) (9)
Basic shares 1,818 1,811 1,474
Contingently issuable shares -(1) -
Net dilutive effect of options 11 - a/ 30
Convertible preferred securities - b/ --
Diluted shares 1,829 1,810 1,504
a/ 30 million shares relating to employee stock options were not included in the
calculation of diluted earnings per share for 2001 due to the antidilutive effect.
b/ 282 million shares related to convertible securities not included in calculation
due to the antidilutive effect.
Ford Transit Connect (Europe)