Graco 2009 Annual Report Download - page 72

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Newell Rubbermaid Inc. 2009 Annual Report
70
The impact of the adoption of the authoritative guidance is included in the below calculation and reconciliation of basic and diluted earnings (loss) per
share for the years ended December 31, (in millions, except per share data):
2009 2008 2007
Numerator for basic earnings (loss) per share:
Net income (loss) controlling interests $ 285.5 $ (52.3) $ 467.1
Loss from discontinued operations — 0.5 12.1
Dividends and equivalents for share-based awards expected to be forfeited 0.2 0.6 —
Income (loss) from continuing operations for basic earnings (loss) per share 285.7 (51.2) 479.2
Loss from discontinued operations — (0.5) (12.1)
Net income (loss) controlling interests for basic earnings (loss) per share $ 285.7 $ (51.7) $ 467.1
Numerator for diluted earnings (loss) per share:
Income (loss) from continuing operations for basic earnings (loss) per share $ 285.7 $ (51.2) $ 479.2
Effect of Preferred Securities (1) — — 14.2
Income (loss) from continuing operations for diluted earnings (loss) per share 285.7 (51.2) 493.4
Loss from discontinued operations — (0.5) (12.1)
Net income (loss) controlling interests for diluted earnings (loss) per share $ 285.7 $ (51.7) $ 481.3
Denominator for basic and diluted earnings (loss) per share:
Weighted-average shares outstanding 277.7 277.0 276.0
Share-based payment awards classified as participating securities 3.1 2.9 2.6
Denominator for basic earnings (loss) per share 280.8 279.9 278.6
Dilutive securities (2) 1.1 — 0.7
Convertible Notes (3) 9.0 — —
Warrants (4) 3.5 — —
Preferred Securities (1) — — 8.3
Denominator for diluted earnings (loss) per share 294.4 279.9 287.6
Basic earnings (loss) per share:
Income (loss) from continuing operations $ 1.02 $ (0.18) $ 1.72
Loss from discontinued operations — — (0.04)
Net income (loss) controlling interests $ 1.02 $ (0.18) $ 1.68
Diluted earnings (loss) per share:
Income (loss) from continuing operations $ 0.97 $ (0.18) $ 1.72
Loss from discontinued operations — — (0.04)
Net income (loss) controlling interests $ 0.97 $ (0.18) $ 1.67
(1) The convertible preferred securities are anti-dilutive for 2009 and 2008, and therefore have been excluded from diluted earnings per share. Had the convertible preferred securities been included in the
diluted earnings per share calculation, $14.2 million of expenses would have been added back to the net income (loss) for both 2009 and 2008. Weighted-average shares outstanding would have increased
by 8.3 million shares for both 2009 and 2008.
(2) Dilutive securities include “in the money” options, non-participating restricted stock units and performance share awards. The weighted-average shares outstanding for 2009, 2008 and 2007 exclude the
effect of approximately 13.2 million, 17.2 million and 9.5 million stock options, respectively, because such options were anti-dilutive.
(3) The Convertible Notes issued in March 2009 were dilutive for the year ended December 31, 2009 because the average price of the Company’s common stock during quarterly periods since the Convertible
Notes were outstanding was greater than $8.61, the conversion price of the Convertible Notes. The dilutive effect of the Convertible Notes for the year ended December 31, 2009 was based on the average
quarterly dilutive effect for 2009.
(4) The warrants issued in March 2009 were dilutive for the year ended December 31, 2009 because the average price of the Company’s common stock during quarterly periods since the warrants were outstanding
was greater than $11.59, the exercise price of the warrants. The dilutive effect of the warrants for the year ended December 31, 2009 was based on the average quarterly dilutive effect for 2009.