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GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (CONTINUED)
Note 15—Earnings per Common Share (continued)
80
Year Ended December 31, Five Months Ended
December 31, 2009
Year Ended
July 31, 20092011 2010
(In thousands, except per share data)
Basic earnings per Class B common share
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 52,083 $ 42,232 $ 13,663 $ 37,163
Allocated earnings and deemed dividends to
preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . (558) (14,659) (9,170) (27,044)
Allocated earnings to other classes of common
stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29,613) (4,644) — —
Accretion of redeemable convertible preferred
stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —— — (1,956)
Net income allocated to Class B common
stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,912 22,929 4,493 8,163
Weighted-average Class B shares issued and
outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,718 21,589 12,222 12,036
Basic earnings per Class B common share . . . . . . . $1.24$ 1.06 $ 0.37 $ 0.68
Diluted earnings per Class B common share
Net income allocated to Class B common
stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,912 $ 22,929 $ 4,493 $ 8,163
Re-allocated earnings . . . . . . . . . . . . . . . . . . . . . . . . 1,673 1,437 — —
Diluted net income allocated to Class B common
stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,585 24,366 4,493 8,163
Weighted-average Class B shares issued and
outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,718 21,589 12,222 12,036
Dilutive potential common shares: . . . . . . . . . . . . . .
Stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,104 3,061 2,941 2,978
Warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —146 262 698
Diluted weighted-average Class B shares issued
and outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,822 24,796 15,425 15,712
Diluted earnings per Class B common share . . . . . . $1.19$ 0.98 $ 0.29 $ 0.52
As of December 31, 2011, 1,472,352 shares of Class A common stock issued to Walmart were subject to our
repurchase right. Basic and diluted EPS for these shares were the same as basic and diluted EPS for our Class A
common stock for the years ended December 31, 2011 and 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 EPS as their effect
was anti-dilutive. The following table shows the weighted-average number of anti-dilutive shares excluded from the
diluted EPS calculation: