eTrade 2010 Annual Report Download - page 158
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NOTE 18—LOSS PER SHARE
The following table is a reconciliation of basic and diluted loss per share (in thousands, except per share
amounts):
Year Ended December 31,
2010 2009 2008
Basic:
Numerator:
Loss from continuing operations $ (28,472) $(1,297,762) $(809,384)
Income from discontinued operations, net of tax — — 297,594
Net loss $ (28,472) $(1,297,762) $(511,790)
Denominator:
Basic weighted-average shares outstanding 211,302 109,544 50,986
Diluted:
Numerator:
Net loss $ (28,472) $(1,297,762) $(511,790)
Denominator:
Diluted weighted-average shares outstanding 211,302 109,544 50,986
Per share:
Basic loss per share:
Loss per share from continuing operations $ (0.13) $ (11.85) $ (15.88)
Earnings per share from discontinued operations — — 5.84
Net loss per share $ (0.13) $ (11.85) $ (10.04)
Diluted loss per share:
Loss per share from continuing operations $ (0.13) $ (11.85) $ (15.88)
Earnings per share from discontinued operations — — 5.84
Net loss per share $ (0.13) $ (11.85) $ (10.04)
The Company excluded the following shares from the calculations of diluted loss per share as the effect
would have been anti-dilutive (shares in millions):
Year Ended December 31,
2010 2009 2008
Weighted-average shares excluded as a result of the Company’s net loss:
Convertible debentures 77.2 38.9 —
Stock options and restricted stock awards and units 0.8 0.6 0.1
Other stock options and restricted stock awards and units 2.8 2.7 3.6
Total 80.8 42.2 3.7
Note 19—EMPLOYEE SHARE-BASED PAYMENTS AND OTHER BENEFITS
In 2005, the Company adopted and the shareholders approved the 2005 Stock Incentive Plan (“2005 Plan”)
to replace the 1996 Stock Incentive Plan (“1996 Plan”) which provides for the grant of nonqualified or incentive
stock options and awards to officers, directors, key employees and consultants for the purchase of newly issued
shares of the Company’s common stock at a price determined by the Board at the date the option is granted. The
Company does not have a specific policy for issuing shares upon stock option exercises and share unit
conversions; however, new shares are typically issued in connection with exercises and conversions. The
Company intends to continue to issue new shares for future exercises and conversions.
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