Nucor 2013 Annual Report Download - page 71

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70
22. EARNINGS PER SHARE
The computations of basic and diluted net earnings per share are as follows:
(in thousands, except per share data)
Year Ended December 31, 2013 2012 2 011
Basic net earnings per share:
Basic net earnings $488,025 $504,619 $778,188
Earnings allocated to participating securities (1,919) (1,713) (2,653)
Net earnings available to common stockholders $486,106 $502,906 $775,535
Average shares outstanding 319,077 318,172 316,997
Basic net earnings per share $ 1.52 $ 1.58 $ 2.45
Diluted net earnings per share:
Diluted net earnings $488,025 $504,619 $778,188
Earnings allocated to participating securities (1,919) (1,714) (2,654)
Net earnings available to common stockholders $486,106 $502,905 $775,534
Diluted average shares outstanding:
Basic shares outstanding 319,077 318,172 316,997
Dilutive effect of stock options and other 189 68 164
319,266 318,240 317,161
Diluted net earnings per share $ 1.52 $ 1.58 $ 2.45
The following stock options were excluded from the computation of diluted net earnings per share because their effect would have
been anti-dilutive:
(shares in thousands)
Year Ended December 31, 2013 2012 2 011
Anti-dilutive stock options:
Weighted average shares 137 801 801
Weighted average exercise price $44.51 $42.07 $42.07
23. SEGMENTS
Nucor reports its results in the following segments: steel mills, steel products and raw materials. The steel mills segment includes
carbon and alloy steel in sheet, bars, structural and plate; steel foundation distributors; steel trading businesses; rebar distribution
businesses; and Nucor’s equity method investments in Duferdofin Nucor and NuMit. The steel products segment includes
steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building
systems, steel grating and expanded metal, and wire and wire mesh. The raw materials segment includes DJJ, a scrap broker and
processor; Nu-Iron Unlimited and Nucor Steel Louisiana, two facilities that produce DRI used by the steel mills; our natural gas
working interests; and Nucor’s equity method investment in Hunter Ridge. Previously, Nucor’s steel trading businesses and rebar
distribution businesses were reported in an “All other” category. Beginning in the first quarter of 2013, these businesses were
reclassified to the steel mills segment as part of a realignment of Nucor’s reportable segments to better reflect the way in which
they are managed. The segment data for the comparable periods has also been reclassified into the steel mills segment in order
to conform to the current year presentation. The steel mills, steel products and raw materials segments are consistent with the
way Nucor manages its business, which is primarily based upon the similarity of the types of products produced and sold by each
segment. Additionally, the composition of assets by segment at December 31, 2012 and December 31, 2011 was reclassified to
conform with the current year presentation. This reclassification between segments did not have any impact on the consolidated
asset balances.