eTrade 2004 Annual Report Download - page 119
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Index to Financial Statements
NOTE 23—INCOME (LOSS) PER SHARE
The following table is a reconciliation of basic and diluted EPS (in thousands, except per share data):
Year Ended December 31,
2004
2003
2002
BASIC:
Numerator:
Income from continuing operations
$
350,930
$
204,692
$
109,474
Net income (loss) from discontinued operations
29,553
(1,665
)
(2,210
)
Net income before cumulative effect of accounting change
380,483
203,027
107,264
Cumulative effect of accounting change, net of tax
—
—
(
293,669
)
Net income (loss)
$
380,483
$
203,027
$
(186,405
)
Denominator:
Basic weighted
-
average shares outstanding
366,586
358,320
355,090
Per Share:
Income per share from continuing operations
$
0.96
$
0.57
$
0.31
Net income (loss) per share from discontinued operations
0.08
(0.00
)
(0.01
)
Net income per share before cumulative effect of accounting changes
1.04
0.57
0.30
Cumulative effect of accounting change
—
—
(
0.82
)
Income (loss) per share
$
1.04
$
0.57
$
(0.52
)
DILUTED:
Numerator:
Income from continuing operations
$
350,930
$
204,692
$
109,474
Net income (loss) from discontinued operations
29,553
(1,665
)
(2,210
)
Net income before cumulative effect of accounting change
380,483
203,027
107,264
Cumulative effect of accounting change, net of tax
—
—
(
293,669
)
Net Income (loss)
380,483
203,027
(186,405
)
Interest on convertible subordinated notes, net of tax
19,963
—
—
Net income (loss), as adjusted
$
400,446
$
203,027
$
(186,405
)
Denominator:
Basic weighted
-
average shares outstanding
366,586
358,320
355,090
Effect of dilutive securities:
Weighted
-
average options and restricted stock issued to employees
10,461
6,495
4,300
Weighted
-
average warrants and contingent shares outstanding
2,532
2,546
1,661
Shares issuable for assumed conversion of convertible subordinated notes
25,810
—
—
Diluted weighted
-
average shares outstanding
405,389
367,361
361,051
Per Share:
Income per share from continuing operations
$
0.92
$
0.55
$
0.31
Net income (loss) per share from discontinued operations
0.07
(0.00
)
(0.01
)
Net income per share before cumulative effect of accounting change
0.99
0.55
0.30
Cumulative effect of accounting change
—
—
(
0.82
)