Harman Kardon 2010 Annual Report Download - page 89

Download and view the complete annual report

Please find page 89 of the 2010 Harman Kardon annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 137

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137

Harman International Industries, Incorporated and Subsidiaries
(Dollars in thousands, except per-share data and unless otherwise indicated)
Note 7 – Earnings (Loss) Per Share
Year Ended June 30,
2010 2009 2008
Basic Diluted Basic Diluted Basic Diluted
Numerator for Basic and Diluted Earnings
(Loss) per Share:
Income (loss) from continuing operations, net
of income taxes ........................ $ 40,467 $ 40,467 $(421,593) $(421,593) $ 95,545 $ 95,545
Less: Net income (loss) attributable to
noncontrolling interest .................. 5,289 5,289 752 752 (421) (421)
Net income (loss) from continuing operations
attributable to Harman International
Industries, Incorporated ................. 35,178 35,178 (422,345) (422,345) 95,966 95,966
Income (loss) from discontinued operations, net
of income taxes ........................ 123,591 123,591 (9,159) (9,159) 5,757 5,757
Net income (loss) attributable to Harman
International Industries, Incorporated ...... $158,769 $158,769 $(431,504) $(431,504) $101,723 $101,723
Denominator for Basic and Diluted Earnings
(Loss) per Share:
Weighted average shares outstanding ........ 70,350 70,350 58,766 58,766 61,472 61,472
Employee stock options ................... — 245 — — — 710
Total weighted average shares outstanding .... 70,350 70,595 58,766 58,766 61,472 62,182
Earnings (Loss) per Share:
Net income (loss) from continuing operations
attributable to Harman International
Industries, Incorporated ................. $ 0.50 $ 0.50 $ (7.19) $ (7.19) $ 1.56 $ 1.54
Income (loss) from discontinued operations, net
of income taxes ........................ 1.76 1.75 (0.16) (0.16) 0.09 0.09
Net income (loss) attributable to Harman
International Industries, Incorporated ...... $ 2.26 $ 2.25 $ (7.34) $ (7.34) $ 1.65 $ 1.64
On July 1, 2009, we adopted new accounting guidance issued by the FASB. The new guidance provides that
unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents
(whether paid or unpaid) are participating securities and shall be included in the computation of earnings per
share pursuant to the two-class method. Upon adoption, a company is required to retrospectively adjust its
earnings per share data (including any amounts related to interim periods, summaries of earnings and selected
financial data) to conform to the new provisions. The adoption of the new provisions did not have a material
impact on our financial position or results of operations.
Certain options were outstanding and not included in the computation of diluted net earnings per share
because the assumed exercise of these options would have been antidilutive, as follows:
• Options to purchase 2,350,820 shares of our common stock with exercise prices ranging from $26.64 to
$126.94 per share at June 30, 2010 were outstanding and not included in the computation of diluted
earnings per share because the exercise of these options would have been antidilutive. No restricted shares
were included in the computation of diluted earnings per share as they also would have been antidilutive.
68