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NOTE 12—EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings (loss) per share attributable to IAC shareholders.
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Years Ended December 31, |
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2010 |
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2009 |
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2008 |
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Basic |
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Diluted |
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Basic |
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Diluted |
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Basic |
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Diluted |
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(In thousands, except per share data)
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Numerator: |
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(Loss) earnings from continuing operations |
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$ |
(9,393 |
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$ |
(9,393 |
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$ |
(956,473 |
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$ |
(956,473 |
) |
$ |
141,935 |
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$ |
141,935 |
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Net loss attributable to noncontrolling interests |
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5,007 |
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5,007 |
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1,090 |
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1,090 |
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7,960 |
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7,960 |
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(Loss) earnings from continuing operations attributable to IAC shareholders |
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(4,386 |
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(4,386 |
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(955,383 |
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(955,383 |
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149,895 |
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149,895 |
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Income (loss) from discontinued operations, net of tax(a) |
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103,745 |
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103,745 |
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(23,439 |
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(23,439 |
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(306,096 |
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(306,096 |
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Net earnings (loss) attributable to IAC shareholders |
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$ |
99,359 |
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$ |
99,359 |
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$ |
(978,822 |
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$ |
(978,822 |
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$ |
(156,201 |
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$ |
(156,201 |
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Denominator: |
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Weighted average basic shares outstanding |
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106,274 |
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106,274 |
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138,599 |
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138,599 |
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139,850 |
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139,850 |
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Dilutive securities including stock options, warrants, RSUs and PSUs(b)(c) |
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— |
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— |
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— |
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— |
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— |
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4,126 |
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Denominator for earnings per share—weighted average shares(b)(c) |
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106,274 |
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106,274 |
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138,599 |
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138,599 |
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139,850 |
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143,976 |
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Earnings (loss) per share attributable to IAC shareholders: |
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(Loss) earnings per share from continuing operations |
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$ |
(0.04 |
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$ |
(0.04 |
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$ |
(6.89 |
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$ |
(6.89 |
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$ |
1.07 |
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$ |
1.04 |
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Discontinued operations, net of tax |
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0.97 |
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0.97 |
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(0.17 |
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(0.17 |
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(2.19 |
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(2.12 |
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Earnings (loss) per share |
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$ |
0.93 |
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$ |
0.93 |
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$ |
(7.06 |
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$ |
(7.06 |
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$ |
(1.12 |
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$ |
(1.08 |
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- (a)
- Amounts include in 2010 the gain on the Liberty Exchange and in 2008 the gain on the sale of EPI.
- (b)
- For the years ended December 31, 2010 and 2009, the Company had losses from continuing operations and as a result, no potentially dilutive securities were included in the denominator for computing dilutive earnings per share because the impact would have been anti-dilutive. Accordingly, the weighted average basic shares outstanding were used to compute all earnings per share amounts. For the years ended December 31, 2010 and 2009, approximately 39.2 million and 38.0 million shares, respectively, related to potentially dilutive securities were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.
- (c)
- If the effect is dilutive, weighted average common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and warrants, vesting of RSUs and PSUs and the conversion of the Ask Zero Coupon Convertible Subordinated Notes due June 1, 2008 (the "Convertible Notes"). For the year ended December 31, 2008, approximately 39.9 million shares related to potentially dilutive securities were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. During the second quarter of 2008 all outstanding Convertible Notes were fully converted.
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