Raytheon 2013 Annual Report Download - page 107
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
97
Earnings Per Share (EPS)
EPS from continuing operations attributable to Raytheon Company common stockholders and unvested share-based
payment awards was as follows:
2013 2012 2011
Basic EPS attributable to Raytheon Company common stockholders:
Distributed earnings $ 2.19 $ 1.98 $ 1.71
Undistributed earnings 3.78 3.69 3.54
Total $ 5.97 $ 5.67 $ 5.25
Diluted EPS attributable to Raytheon Company common stockholders:
Distributed earnings $ 2.18 $ 1.98 $ 1.70
Undistributed earnings 3.78 3.67 3.52
Total $ 5.96 $ 5.65 $ 5.22
Basic and diluted EPS from discontinued operations attributable to Raytheon Company common stockholders and unvested
share-based payment awards were earnings of $0.20, a loss of less than of $0.01 and earnings of $0.05 for 2013, 2012 and
2011, respectively.
Income attributable to participating securities was as follows:
(In millions) 2013 2012 2011
Income from continuing operations attributable to participating securities $ 38 $ 36 $ 31
Income (loss) from discontinued operations, net of tax attributable to
participating securities(1) 1— —
Net income attributable to participating securities $ 39 $ 36 $ 31
(1) Income (loss) from discontinued operations, net of tax attributable to participating securities was a loss of less than $1 million for 2012 and income of
less than $1 million for 2011.
The weighted-average shares outstanding for basic and diluted EPS were as follows:
(In millions) 2013 2012 2011
Shares for basic EPS (including 6.4 participating securities for 2013, 6.3 for
2012, and 5.8 for 2011) 323.4 333.2 351.7
Dilutive effect of stock options and LTPP 0.8 1.0 1.4
Dilutive effect of warrants —— 0.5
Shares for diluted EPS 324.2 334.2 353.6
There were no stock options with exercise prices greater than the average market price (anti-dilutive) that were excluded from
our calculation of diluted EPS in 2013, 2012 and 2011. Stock options to purchase the following number of shares of common
stock had exercise prices that were less than the average market price (dilutive) of our common stock and were included in
our calculations of diluted EPS:
(In millions) 2013 2012 2011
Stock options included in the calculation of EPS (dilutive) 0.1 0.9 4.4
Our Board of Directors is authorized to issue up to 200 million shares of preferred stock, $0.01 par value per share, in multiple
series with terms as determined by them. There were no shares of preferred stock outstanding at December 31, 2013 and
December 31, 2012.
Warrants to purchase shares of our common stock with an exercise price of $37.50 per share, were included in our calculations
of diluted EPS at December 31, 2011. These warrants expired in June 2011.