Pepsi 2015 Annual Report Download - page 133
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Table of Contents
116
The computations of basic and diluted net income attributable to PepsiCo per common share are as follows:
2015 2014 2013
Income Shares(a) Income Shares(a) Income Shares(a)
Net income attributable to PepsiCo $ 5,452 $ 6,513 $ 6,740
Preferred shares:
Dividends (1) (1) (1)
Redemption premium (5) (9) (7)
Net income available for PepsiCo
common shareholders $ 5,446 1,469 $ 6,503 1,509 $ 6,732 1,541
Basic net income attributable to
PepsiCo per common share $ 3.71 $ 4.31 $ 4.37
Net income available for PepsiCo
common shareholders $ 5,446 1,469 $ 6,503 1,509 $ 6,732 1,541
Dilutive securities:
Stock options, RSUs, PSUs,
PEPunits and Other — 15 —17—18
ESOP convertible preferred stock 61
10181
Diluted $ 5,452 1,485 $ 6,513 1,527 $ 6,740 1,560
Diluted net income attributable to
PepsiCo per common share $ 3.67 $ 4.27 $ 4.32
(a) Weighted-average common shares outstanding (in millions).
Note 12 — Preferred Stock
As of December 26, 2015 and December 27, 2014, there were 3 million shares of convertible preferred stock
authorized. The preferred stock was issued for an ESOP established by Quaker and these shares are redeemable
for common stock by the ESOP participants. Quaker made the final award to its ESOP in June 2001. The
preferred stock accrues dividends at an annual rate of $5.46 per share. As of December 26, 2015 and
December 27, 2014, there were 803,953 preferred shares issued and 135,053 and 145,453 shares outstanding,
respectively. The outstanding preferred shares had a fair value of $67 million as of December 26, 2015 and
$70 million as of December 27, 2014. Each share is convertible at the option of the holder into 4.9625 shares
of common stock. The preferred shares may be called by us upon written notice for redemption under certain
conditions, including, among other things, upon termination of the ESOP in accordance with the ESOP’s
terms, at the greater of $78 per share plus accrued and unpaid dividends or the fair market value of the
preferred stock.
Activities of our preferred stock are included in the Consolidated Statement of Equity.