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CIT » Topics » Earnings per Share

This excerpt taken from the CIT 8-K filed Jan 8, 2010.

Earnings per Share

SFAS 128 requires the presentation of basic and diluted earnings per share. Basic EPS is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed using the same method for the numerator as basic EPS, but the denominator includes the weighted-average number of common shares outstanding for the period plus the potential impact of dilutive securities, including stock options and restricted stock grants. The dilutive effect of

This excerpt taken from the CIT 8-K filed Oct 1, 2009.

Earnings per Share

SFAS 128 requires the presentation of basic and diluted earnings per share. Basic EPS is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed using the same method for the numerator as basic EPS, but the denominator includes the weighted-average number of common shares outstanding for the period plus the potential impact of dilutive securities, including stock options and restricted stock grants. The dilutive effect of

These excerpts taken from the CIT 10-K filed Mar 2, 2009.

Earnings per Share

SFAS 128 requires the presentation of basic and diluted earnings per share. Basic EPS is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed using the same method for the numerator as basic EPS, but the denominator includes the weighted-average number of common shares outstanding for the period plus the potential impact of dilutive securities, including stock options and restricted stock grants. The dilutive effect of

Item 8: Financial Statements and Supplementary Data

82 CIT ANNUAL REPORT 2008

CIT GROUP AND SUBSIDIARIES — NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

stock options is computed using the treasury stock method, which assumes the repurchase of common shares at the average market price for the period. In periods that include discontinued operations, results from continuing operations determine the applicable denominator. In periods when continuing operations is positive and results after discontinued operations is negative, the use of dilutive shares can have an antidilutive effect, as was the case of 2007.

Earnings per Share


SFAS 128 requires the presentation of basic and diluted earnings
per share. Basic EPS is computed by dividing net income by the weighted-average
number of common shares outstanding for the period. Diluted EPS is computed
using the same method for the numerator as basic EPS, but the denominator includes
the weighted-average number of common shares outstanding for the period plus
the potential impact of dilutive securities, including stock options and restricted
stock grants. The dilutive effect of


Item 8: Financial Statements and Supplementary Data








82 CIT ANNUAL REPORT 2008


CIT GROUP AND SUBSIDIARIES — NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


stock options is computed using the treasury stock method, which
assumes the repurchase of common shares at the average market price for the
period. In periods that include discontinued operations, results from continuing
operations determine the applicable denominator. In periods when continuing
operations is positive and results after discontinued operations is negative,
the use of dilutive shares can have an antidilutive effect, as was the case
of 2007.


This excerpt taken from the CIT 8-K filed Nov 6, 2008.

NOTE 12 – EARNINGS PER SHARE

The reconciliation of the numerator and denominator of basic EPS with that of diluted EPS is presented.

Years Ended December 31, (dollars in millions, except per share amount; shares in thousands)

  2007
  2006
  2005
 
Earnings / (Loss)                  
Net (loss) income from continuing operations, before preferred stock dividends $ 792.0   $ 925.7   $ 918.5  
(Loss) income from discontinued operation   (873.0 )   120.3     30.6  
 
 
 
 
Net (loss) income before preferred stock dividends   (81.0 )   1,046.0     949.1  
Preferred stock dividends   (30.0 )   (30.2 )   (12.7 )
 
 
 
 
Net (loss) income (attributable) available to common stockholders $ (111.0 ) $ 1,015.8   $ 936.4  
 
 
 
 
Weighted Average Common Shares Outstanding                  
Basic shares outstanding   191,412     198,912     206,059  
Stock-based awards(1)   2,515     4,199     4,675  
 
 
 
 
Diluted shares outstanding   193,927     203,111     210,734  
 
 
 
 
Basic Earnings Per Common Share                  
Income(loss) from continuing operations(2) $ 3.98   $ 4.51   $ 4.39  
(Loss) income from discontinued operation   (4.56 )   0.60     0.15  
 
 
 
 
Net (loss) income $ (0.58 ) $ 5.11   $ 4.54  
 
 
 
 
Diluted Earnings Per Common Share                  
Income(loss) from continuing operations(2) $ 3.93   $ 4.41   $ 4.30  
(Loss) income from discontinued operation   (4.50 )   0.59     0.14  
 
 
 
 
Net (loss) income $ (0.57 ) $ 5.00   $ 4.44  
 
 
 
 

(1) Represents the incremental shares from in the money non-qualified stock options and restricted stock awards. Weighted average options and restricted shares that were excluded from the computation of diluted per share totaled approximately 12.7 million shares, 13.8 million shares and 16.0 million shares for the years ended December 31, 2007, 2006 and 2005, respectively, as their effect was anti-dilutive.
   
(2) Amount is net of preferred stock dividends.
These excerpts taken from the CIT 10-K filed Feb 29, 2008.

NOTE 12 – EARNINGS PER SHARE

The reconciliation of the numerator and denominator of basic EPS with that of diluted EPS is presented.

(dollars in millions, except per share amounts, shares in thousands)

    Net Income /
(Loss)
  Common
Shares
  Per Share
Amount
 
Year Ended December 31, 2007              
Basic EPS:   $  (111.0 ) 191,412   $(0.58 )
Effect of dilutive securities:  
Restricted shares       –      
Stock options       –      
 
Diluted EPS   $  (111.0 ) 191,412   $(0.58 )
 
Year Ended December 31, 2006  
Basic EPS:   $1,015.8   198,912   $ 5.11  
Effect of Dilutive Securities:  
Restricted shares       1,912      
Stock options       2,287      
 
Diluted EPS   $1,015.8   203,111   $ 5.00  
 
Year Ended December 31, 2005  
Basic EPS:   $   936.4   206,059   $ 4.54  
Effect of Dilutive Securities:  
Restricted shares       1,706      
Stock options       2,969      
 
Diluted EPS   $   936.4   210,734   $ 4.44  
 

Options and restricted shares that do not have a dilutive effect are not included in the denominator and averaged approximately 15.2 million shares, 13.8 million shares and 16.0 million shares for the years ended December 31, 2007, 2006 and 2005, respectively.

NOTE 12 – EARNINGS PER
SHARE




The reconciliation of the numerator
and denominator of basic EPS with that of diluted EPS is presented.




(dollars in millions, except per
share amounts, shares in thousands)





























































































































































































































    Net
Income /

(Loss)

  Common

Shares

  Per
Share

Amount

 
Year
Ended December 31, 2007 		             
Basic EPS:
   $  (111.0 ) 191,412   $(0.58 )
Effect of
dilutive securities: 		 
Restricted
shares 		      –      
Stock options
       –      




 
Diluted
EPS 		  $  (111.0 ) 191,412   $(0.58 )




 
Year
Ended December 31, 2006 		 
Basic EPS:
   $1,015.8
   198,912   $ 5.11
  
Effect of
Dilutive Securities: 		 
Restricted
shares 		      1,912      
Stock options
       2,287      




 
Diluted
EPS 		  $1,015.8
   203,111   $ 5.00
  




 
Year
Ended December 31, 2005 		 
Basic EPS:
   $   936.4   206,059   $ 4.54
  
Effect of
Dilutive Securities: 		 
Restricted
shares 		      1,706      
Stock options
       2,969      




 
Diluted
EPS 		  $   936.4   210,734   $ 4.44
  




 


Options and restricted shares that do
not have a dilutive effect are not included in the denominator and averaged approximately
15.2 million shares, 13.8 million shares and 16.0 million shares for the years ended
December 31, 2007, 2006 and 2005, respectively.




This excerpt taken from the CIT 10-K filed Mar 1, 2007.

Earnings per Share

Basic EPS is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted EPS includes the potential impact of dilutive securities, including stock options and restricted stock grants. The dilutive effect of stock options is computed using the treasury stock method, which assumes the repurchase of common shares by CIT at the average market price for the period.


 
  ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 67


CIT GROUP INC. AND SUBSIDIARIES – NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

This excerpt taken from the CIT 8-K filed May 31, 2006.

NOTE 11 – EARNINGS PER SHARE

The reconciliation of the numerator and denominator of basic EPS with that of diluted EPS is presented.

(dollars in millions, except per share amounts,
which are in whole dollars, shares in thousands) 		Income
(Numerator)		 Shares
(Denominator) 		Per Share
Amount
 
Year Ended December 31, 2005            
Basic EPS:  
Income available to common stockholders  $936.4   206,059  $4.54  
Effect of Dilutive Securities:         
Restricted shares  –  1,706   
Stock options  –  2,969   
  
 
   
Diluted EPS   $936.4  210,734   $4.44 
  
 
   
Year Ended December 31, 2004       
Basic EPS:       
Income available to common stockholders  $753.6   211,017  $3.57  
Effect of Dilutive Securities:         
Restricted shares  –  764    
Stock options  –  3,273   
  
 
   
Diluted EPS   $753.6  215,054   $3.50 
  
 
   
Year Ended December 31, 2003       
Basic EPS:       
Income available to common stockholders  $566.9   211,681  $2.68  
Effect of Dilutive Securities:         
Restricted shares  –  396    
Stock options  –  1,066    
  
 
   
Diluted EPS  $566.9  213,143   $2.66 
   
 
    

 
26 CIT GROUP INC 2005  

CIT GROUP INC. AND SUBSIDIARIES – NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

This excerpt taken from the CIT 10-K filed Mar 6, 2006.

NOTE 11 – EARNINGS PER SHARE

The reconciliation of the numerator and denominator of basic EPS with that of diluted EPS is presented.

(dollars in millions, except per share amounts,
which are in whole dollars, shares in thousands) 		Income
(Numerator)		 Shares
(Denominator) 		Per Share
Amount
 
Year Ended December 31, 2005            
Basic EPS:  
Income available to common stockholders  $936.4   206,059  $4.54  
Effect of Dilutive Securities:         
Restricted shares  –  1,706   
Stock options  –  2,969   
  
 
   
Diluted EPS   $936.4  210,734   $4.44 
  
 
   
Year Ended December 31, 2004       
Basic EPS:       
Income available to common stockholders  $753.6   211,017  $3.57  
Effect of Dilutive Securities:         
Restricted shares  –  764    
Stock options  –  3,273   
  
 
   
Diluted EPS   $753.6  215,054   $3.50 
  
 
   
Year Ended December 31, 2003       
Basic EPS:       
Income available to common stockholders  $566.9   211,681  $2.68  
Effect of Dilutive Securities:         
Restricted shares  –  396    
Stock options  –  1,066    
  
 
   
Diluted EPS  $566.9  213,143   $2.66 
   
 
    

 
  ITEM 8: Financial Statements and Supplementary Data 75

CIT GROUP INC. AND SUBSIDIARIES – NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

EXCERPTS ON THIS PAGE:

8-K
Jan 8, 2010
8-K
Oct 1, 2009
10-K (2 sections)
Mar 2, 2009
8-K
Nov 6, 2008
10-K (2 sections)
Feb 29, 2008
10-K
Mar 1, 2007
8-K
May 31, 2006
10-K
Mar 6, 2006

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