| Income (Loss) Per Share of Common Stock |
Note 2. Income (Loss) Per Share of Common Stock
A reconciliation of the numerator and denominator used to calculate
basic and diluted income (loss) per share of common stock
(“EPS”) is presented in the following table:
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Three months ended August 31, |
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Nine months ended August 31, |
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2013 |
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2012 |
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2013 |
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2012 |
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(In millions,
except per share amounts; shares in
thousands) |
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Numerator:
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Income (loss) from continuing operations
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$ |
197.6 |
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$ |
(8.7 |
) |
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$ |
171.8 |
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$ |
(5.0 |
) |
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Loss from discontinued operations, net of income taxes
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(0.2 |
) |
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(0.8 |
) |
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(0.2 |
) |
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(0.4 |
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Net income (loss)
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197.4 |
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(9.5 |
) |
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171.6 |
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(5.4 |
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Income allocated to participating securities
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(3.4 |
) |
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— |
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(3.3 |
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— |
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Net income (loss) for basic earnings per share
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194.0 |
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(9.5 |
) |
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168.3 |
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(5.4 |
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Interest on convertible subordinated debentures
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2.0 |
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— |
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6.1 |
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— |
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Net income (loss) for diluted earnings per share
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$ |
196.0 |
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$ |
(9.5 |
) |
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$ |
174.4 |
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$ |
(5.4 |
) |
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Denominator:
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Basic weighted average shares
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59,699 |
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59,027 |
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59,491 |
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58,937 |
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Effect of:
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Convertible subordinated notes
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22,174 |
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— |
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22,200 |
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— |
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Employee stock options
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217 |
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— |
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192 |
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— |
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Diluted weighted average shares
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82,090 |
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59,027 |
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81,883 |
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58,937 |
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Basic EPS:
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Income (loss) per share from continuing operations
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$ |
3.25 |
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$ |
(0.15 |
) |
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$ |
2.83 |
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$ |
(0.08 |
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Loss from discontinued operations, net of income taxes
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— |
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(0.01 |
) |
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— |
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(0.01 |
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Net income (loss) per share
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$ |
3.25 |
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$ |
(0.16 |
) |
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$ |
2.83 |
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$ |
(0.09 |
) |
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Diluted EPS:
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Income (loss) per share from continuing operations
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$ |
2.39 |
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$ |
(0.15 |
) |
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$ |
2.13 |
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$ |
(0.08 |
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Loss from discontinued operations, net of income taxes
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— |
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(0.01 |
) |
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— |
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(0.01 |
) |
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Net income (loss) per share
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$ |
2.39 |
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$ |
(0.16 |
) |
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$ |
2.13 |
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$ |
(0.09 |
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The following table sets forth the potentially dilutive securities
excluded from the computation because their effect would have been
anti-dilutive:
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Three months ended August 31, |
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Nine months ended August 31, |
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|
2013 |
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2012 |
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2013 |
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2012 |
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(In
thousands) |
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4.0625% Convertible Subordinated Debentures
(“4 1⁄16% Debentures”)
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— |
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22,219 |
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— |
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22,219 |
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Employee stock options
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— |
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1,034 |
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— |
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1,034 |
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Unvested restricted shares
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1,031 |
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1,199 |
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1,125 |
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1,060 |
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Total potentially dilutive securities
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1,031 |
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24,452 |
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1,125 |
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24,313 |
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