eTrade 2011 Annual Report Download - page 154
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NOTE 17—EARNINGS (LOSS) PER SHARE
The following table is a reconciliation of basic and diluted earnings (loss) per share (in thousands, except
per share amounts):
Year Ended December 31,
2011 2010 2009
Basic:
Numerator:
Net income (loss) $156,701 $ (28,472) $(1,297,762)
Denominator:
Basic weighted-average shares outstanding 267,291 211,302 109,544
Diluted:
Numerator:
Net income (loss) $156,701 $ (28,472) $(1,297,762)
Denominator:
Basic weighted-average shares outstanding 267,291 211,302 109,544
Effect of dilutive securities:
Weighted-average convertible debentures 21,924 — —
Weighted-average options and restricted stock issued to
employees 607 — —
Diluted weighted-average shares outstanding 289,822 211,302 109,544
Per share:
Basic earnings (loss) per share $ 0.59 $ (0.13) $ (11.85)
Diluted earnings (loss) per share $ 0.54 $ (0.13) $ (11.85)
The Company excluded the following shares from the calculations of diluted earnings (loss) per share as the
effect would have been anti-dilutive (shares in millions):
Year Ended
December 31,
2011 2010 2009
Weighted-average shares excluded as a result of the Company’s net loss:
Convertible debentures N/A 77.2 38.9
Stock options and restricted stock awards and units N/A 0.8 0.6
Other stock options and restricted stock awards and units 3.7 2.8 2.7
Total 3.7 80.8 42.2
NOTE 18—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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