Visa 2008 Annual Report Download - page 162

Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2008
(in millions, except as noted)
For the year ended September 30, 2008:
Outstanding
Classes and Series of
Common
Stock Prior to
the True-Up
Converted
Classes
and
Series of
Common Stock
after
the True-Up
Number of Common Stock Outstanding Beginning at: Total
Weighted
Average
Shares
Outstanding
for the
Period
Beginning of
Period True-Up Date IPO Date
Initial
Redemption
Date
Date of Event October 1, 2007 March 17, 2008 March 19, 2008 March 28, 2008
Days Outstanding 168 2 9 187 366
Percentage of Period 45.90% 0.55% 2.46% 51.09% 100.00%
Participating Common Stock Classified as a Liability:
Class C (series III) — — 35,263,585 35,263,585 18,884,324
Common Stock Classified as Temporary Equity:
Class C (series II) — — 79,748,857 79,748,857 42,707,038
Common Stock Classified as Stockholders' Equity:
Class A Class A — — 446,600,000 446,600,000 239,162,842
Class USA(1) Class B(2) 426,390,481 400,251,872 400,251,872 245,513,385 333,189,548
Class Canada, AP, LAC & CEMEA Class C (series I)(3) 258,022,779 284,160,835 284,160,835 124,503,084 190,516,091
Class EU (series I & III) Class C
(series III & IV) 62,762,788 62,762,788 27,499,203 27,499,203 43,878,464
Class EU (series II) Class C (series II) 27,904,464 27,904,464 — — 12,961,090
(1) The amount of class USA common stock is net of 131,592,008 shares held by wholly-owned subsidiaries of the Company.
(2) The amount of class B common stock is net of 123,525,418 shares held by wholly-owned subsidiaries of the Company.
(3) Total weighted average shares outstanding for class C (series I) common stock reflect reduction of 525,443 shares, representing a stock dividend received on August 1, which is included
in treasury stock on the Company's September 30, 2008 consolidated balance sheets. Total weighted average shares also reflect 112,100 additional class C (series I) shares issued on
August 15, 2008. See Note 16—Stockholders' Equity and Redeemable Shares.
Calculation of Diluted Earnings Per Share
Diluted net income per share for each class and series of common stock is computed by dividing net income available by the weighted average number
of common shares and, if dilutive, potential A equivalent common shares outstanding during the period.
The calculation of class A common stock diluted earnings per share assumes potential A equivalent common shares outstanding, which consist of the
incremental class A common shares issuable upon:
• conversion of class B and class C (series I, III & IV) common stock based on the conversion ratio in effect throughout the period,
• exercise of employee stock options, and
• vesting of restricted shares and restricted share units issued to certain employees and directors.
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