Note 18 - Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 18: EARNINGS PER SHARE

Basic earnings per share are calculated using the weighted-average number of shares of common stock outstanding during the period.  Diluted earnings per share calculations include any dilutive effect of potential common shares.  In periods with a net loss from continuing operations, diluted earnings per share are calculated using weighted-average basic shares for that period, as utilizing diluted shares would be anti-dilutive to loss per share.

Weighted-average basic and diluted shares outstanding were 41.7 million for both the year ended December 31, 2014 and the four months ended December 31, 2013 and 272.7 million and 271.8 million for the eight months ended August 31, 2013 and year ended December 31, 2012, respectively.

As a result of the net loss from continuing operations for the year ended December 31, 2014 and four months ended December 31, 2013, Kodak calculated diluted earnings per share using weighted-average basic shares outstanding for those periods.  If Kodak had reported earnings from continuing operations for the year ended December 31, 2014 and four months ended December 31, 2013, the following potential shares of its common stock would have been dilutive in the computation of diluted earnings per share:

(in millions of shares)	Year Ended		Four Months Ended
	December 31, 2014		December 31, 2013
Unvested share-based awards		0.1		0.2
Warrants to purchase common shares		1.5		1.7
Total		1.6		1.9

The computation of diluted earnings per share for the year ended December 31, 2014 also excluded 0.1 million shares associated with the assumed conversion of outstanding employee stock options because the effects would have been anti-dilutive.  There were no employee stock options outstanding for the four months ended December 31, 2013.

The Predecessor Company reported earnings from continuing operations for the eight months ended August 31, 2013.  However, no additional shares of Kodak’s common stock from unvested share-based awards were included in the computation of diluted earnings per share as they were all anti-dilutive.

If Kodak had reported earnings from continuing operations for the year ended December 31, 2012, no shares of Kodak’s common stock would have been dilutive in the computation of diluted earnings per share.

The computation of diluted earnings per share for the eight months ended August 31, 2013 and the year ended December 31, 2012 also excluded the assumed conversion of outstanding employee stock options and detachable warrants to purchase common shares, and approximately $400 million of convertible senior notes due 2017 because the effects would have been anti-dilutive. The following table sets forth the total amount of outstanding employee stock options and detachable warrants to purchase common shares as of the end of each reporting period:

	Predecessor
	August 31,		December 31,
(in millions of shares)	2013		2012
Employee stock options		7.0		7.9
Detachable warrants to purchase common shares		40.0		40.0
Total		47.0		47.9