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NOTE 10
Earnings Per Common Share
The computations of basic and diluted earningsper common share are set forth below:
Year Ended One Month Ended
December November November December
(inmillions, exceptper share amounts) 2009 2008 2007 2008
Numerator for basic and diluted EPS – net earnings/(loss)
applicable to common shareholders $12,192 $2,041 $11,407 $(1,028)
Denominator for basic EPS – weighted average number of
common shares 512.3 437.0 433.0 485.5
Effect of dilutive securities
(1)
Restricted stock units 15.7 10.2 13.6 –
Stock options and warrants 22.9 9.0 14.6 –
Dilutive potential common shares 38.6 19.2 28.2 –
Denominator for diluted EPS – weighted average number
of common shares and dilutive potential common shares 550.9 456.2 461.2 485.5
Basic EPS
(2) $ 23.74 $ 4.67 $ 26.34 $ (2.15)
Diluted EPS
(2) 22.13 4.47 24.73 (2.15)
(1) The diluted EPS computations do not include the antidilutive effect of RSUs, stock options and warrants as follows:
Year Ended One Month Ended
December November November December
(inmillions) 2009 2008 2007 2008
Number of antidilutive RSUs and common shares underlying
antidilutive stock options and warrants 24.7 60.5 – 157.2
(2) In the  rst quarter of  scal 2009, the  rm adopted amended accounting principles which require that unvested share-based payment awards that have
non-forfeitable rights to dividends or dividend equivalents be treated as a separate class of securities in calculating earningsper common share. The
impact of applying these amended principles for the year ended December2009 and one month ended December 2008 was a reduction in basic earnings
per common share of $0.06 and an increase in basic and diluted lossper common share of $0.03, respectively. There was no impact on diluted earningsper
common share for the year ended December2009. Prior periods have not been restated due to immateriality.
Goldman Sachs 2009 Annual Report
134
Notes to Consolidated Financial Statements