Rayovac 2011 Annual Report Download - page 110

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SPECTRUM BRANDS HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(In thousands, except per share amounts)
Net (loss) income per common share is calculated based upon the following shares:
Successor
Company
Predecessor
Company
September 30,
2011
September 30,
2010
September 30,
2009
August 30,
2009
Basic ......................................... 51,092 36,000 30,000 51,306
Effect of restricted stock and assumed
conversion of stock options ..................... — — — —
Diluted ....................................... 51,092 36,000 30,000 51,306
The Successor Company for Fiscal 2011, Fiscal 2010 and the period from August 31, 2009 through
September 30, 2009, and the Predecessor Company for the period from October 1, 2008 through August 30, 2009
has not assumed the exercise of common stock equivalents as the impact would be antidilutive.
On June 16, 2010, the Company issued 20,433 shares of its common stock in conjunction with the Merger.
Additionally, all shares of its wholly owned subsidiary Spectrum Brands, were converted to shares of SB
Holdings on June 16, 2010. On July 20, 2011, the Company issued an additional 1,150 shares of its common
stock. (See also, Note 15, Acquisition, for a more complete discussion of the Merger.)
(r) Environmental Expenditures
Environmental expenditures that relate to current ongoing operations or to conditions caused by past operations
are expensed or capitalized as appropriate. The Company determines its liability for environmental matters on a
site-by-site basis and records a liability at the time when it is probable that a liability has been incurred and such
liability can be reasonably estimated. The estimated liability is not reduced for possible recoveries from
insurance carriers. Estimated environmental remediation expenditures are included in the determination of the net
realizable value recorded for assets held for sale.
(s) Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation. These
reclassifications had no effect on previously reported results of operations or accumulated deficit.
(t) Comprehensive Income
Comprehensive income includes foreign currency translation gains and losses on assets and liabilities of foreign
subsidiaries, effects of exchange rate changes on intercompany balances of a long-term nature and transactions
designated as a hedge of a net investment in a foreign subsidiary, deferred gains and losses on derivative
financial instruments designated as cash flow hedges and additional minimum pension liabilities associated with
the Company’s pension plans. Except for gains and losses resulting from exchange rate changes on intercompany
balances of a long-term nature, the Company does not provide income taxes on currency translation adjustments,
as earnings from international subsidiaries are considered to be permanently reinvested.
100