Green Dot 2010 Annual Report Download - page 92

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Note 11 — Earnings per Common Share (continued)
Year Ended
December 31, 2010
Five Months Ended
December 31, 2009 2009 2008
Year Ended
July 31,
(In thousands, except per share data)
Basic earnings per Class B common share
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . $ 42,232 $13,663 $ 37,163 $17,335
Allocated earnings and deemed dividends to
preferred stock . . . . . . . . . . . . . . . . . . . . (14,659) (9,170) (27,044) (9,170)
Allocated earnings to other classes of
common stock . . . . . . . . . . . . . . . . . . . . (4,644) ———
Accretion of redeemable convertible
preferred stock . . . . . . . . . . . . . . . . . . . . — — (1,956) (4,480)
Net income allocated to Class B common
stockholders . . . . . . . . . . . . . . . . . . . . . . . 22,929 4,493 8,163 3,685
Weighted-average Class B shares issued and
outstanding . . . . . . . . . . . . . . . . . . . . . . . . 21,589 12,222 12,036 10,757
Basic earnings per Class B common share . . . $ 1.06 $ 0.37 $ 0.68 $ 0.34
Diluted earnings per Class B common
share
Net income allocated to Class B common
stockholders . . . . . . . . . . . . . . . . . . . . . . . $ 22,929 $ 4,493 $ 8,163 $ 3,685
Re-allocated earnings . . . . . . . . . . . . . . . . . . 1,437 ———
Diluted net income allocated to Class B
common stockholders . . . . . . . . . . . . . . . . 24,366
Weighted-average Class B shares issued and
outstanding . . . . . . . . . . . . . . . . . . . . . . . . 21,589 12,222 12,036 10,757
Dilutive potential common shares:
Stock options. . . . . . . . . . . . . . . . . . . . . . . 3,061 2,941 2,978 2,747
Warrants . . . . . . . . . . . . . . . . . . . . . . . . . . 146 262 698 650
Diluted weighted-average Class B shares
issued and outstanding . . . . . . . . . . . . . . . 24,796 15,425 15,712 14,154
Diluted earnings per Class B common share . . $ 0.98 $ 0.29 $ 0.52 $ 0.26
As of December 31, 2010, 1,914,072 shares of Class A common stock issued to Walmart were
subject to our right to repurchase. Basic and diluted EPS for these shares were the same as basic and
diluted EPS for our Class A common stock for the year ended December 31, 2010.
We excluded from the computation of basic EPS all shares issuable under an unvested warrant to
purchase 4,283,456 shares of our Class B common stock, as the related performance conditions had not
been satisfied.
For the periods presented, we excluded all shares of convertible preferred stock and certain stock
options outstanding, which could potentially dilute basic EPS in the future, from the computation of diluted
83
GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)