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NEWMONT EQUITY AND NET INCOME (LOSS) PER COMMON SHARE
12 Months Ended
Dec. 31, 2019
NET INCOME (LOSS) PER COMMON SHARE  
NEWMONT EQUITY AND NET INCOME (LOSS) PER COMMON SHARE

NOTE 15    NEWMONT EQUITY AND NET INCOME (LOSS) PER COMMON SHARE

Newmont Common Stock

In September 2018, Newmont filed a shelf registration statement on Form S-3 under which it can issue an indeterminate number or amount of common stock, preferred stock, debt securities, guarantees of debt securities and warrants from time to time at indeterminate prices, subject to the limitations of the Delaware General Corporation Law, our certification of incorporation and our bylaws. It also includes the ability to resell an indeterminate amount of common stock, preferred stock and debt securities from time to time upon exercise of warrants or conversion of convertible securities.

In order to consummate the Newmont Goldcorp transaction, the Company amended its Restated Certificate of Incorporation to increase Newmont’s authorized number of shares of common stock from 750 million to 1.28 billion, as approved by Newmont shareholders at the April 11, 2019 special meeting of stockholders.

Net Income (Loss) per Common Share

Basic net income (loss) per common share is computed by dividing income available to Newmont common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per common share is computed similarly, except that weighted average common shares is increased to reflect all dilutive instruments, including employee stock awards. The dilutive effects of Newmont’s dilutive securities are calculated using the treasury stock method and only those instruments that result in a reduction in net income per share are included in the calculation.

Years Ended December 31, 

    

2019

    

2018

    

2017

 

Net income (loss) attributable to Newmont stockholders: 

Continuing operations

$

2,877

$

280

$

(76)

Discontinued operations 

(72)

61

(38)

$

2,805

$

341

$

(114)

Weighted average common shares (millions):

Basic 

735

533

533

Effect of employee stock-based awards 

2

2

2

Diluted 

737

535

535

Net income (loss) per common share attributable to Newmont stockholders: (1)

Basic:

Continuing operations 

$

3.92

$

0.53

$

(0.14)

Discontinued operations 

(0.10)

0.11

(0.07)

$

3.82

$

0.64

$

(0.21)

Diluted:

Continuing operations 

$

3.91

$

0.53

$

(0.14)

Discontinued operations 

(0.10)

0.11

(0.07)

$

3.81

$

0.64

$

(0.21)

(1)Per share measures may not recalculate due to rounding.

On April 18, 2019, the Company issued 285 million shares related to the Newmont Goldcorp transaction. For additional information related to the Newmont Goldcorp transaction, see Note 3.

During the years ended December 31, 2019, 2018 and 2017, the Company repurchased and retired approximately 12 million, 2.7 million, and nil shares of its common stock for $479, $98 and $-, respectively. Approximately 0.7 million of the shares repurchased and retired in the year ended December 31, 2018 related to common stock that was held by participants in the Retirement Savings Plan of Newmont and Retirement Savings Plan for Hourly-Rated Employees of Newmont. During the years ended December 31, 2019, 2018 and 2017, the Company withheld 1.4 million, 1.0 million and 0.4 million shares, respectively for payments of employee withholding taxes related to the vesting of stock awards.

The Company reported a loss from continuing operations attributable to Newmont stockholders for the year ended December 31, 2017. Therefore, the potentially dilutive effects at December 31, 2017 were not included in the computation of diluted loss per common share attributable to Newmont stockholders because their inclusion would have been anti-dilutive to the computation.