Earnings per Share for Citigroup (C)

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C » Topics » Earnings per Share

This excerpt taken from the C 8-K filed Oct 13, 2009.

Earnings per Share

Earnings per share is computed after recognition of preferred stock dividend requirements. Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period, excluding restricted stock. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. It is computed after giving consideration to the weighted average dilutive effect of the Company’s stock options and the shares issued under the Company’s Capital Accumulation Program and other restricted stock plans.

These excerpts taken from the C 10-K filed Feb 27, 2009.

Earnings per Share

127

computed after giving consideration to the weighted average dilutive effect of the Company’s stock options and the shares issued under the Company’s Capital Accumulation Program and other restricted stock plans.

Earnings per Share

127

12. EARNINGS PER SHARE

The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the years ended December 31:


In millions, except per share amounts	2008			2007			2006
Income (loss) from continuing operations	$	(32,094	)	$	2,989		$	20,451
Discontinued operations		4,410			628			1,087
Preferred dividends		(1,732	)		(36	)		(64	)
Income (loss) available to common stockholders for basic EPS		(29,416	)		3,581			21,474
Effect of dilutive securities		877			—			—
Income (loss) available to common stockholders for diluted EPS⁽¹⁾	$	(28,539	)	$	3,581		$	21,474
Weighted average common shares outstanding applicable to basic EPS		5,265.4			4,905.8			4,887.3
Effect of dilutive securities:
Options		0.3			18.2			27.2
Restricted and deferred stock		26.2			71.3			71.6
Preferred stock		503.2			—			—
Adjusted weighted average common shares outstanding applicable to diluted EPS		5,795.1			4,995.3			4,986.1
Basic earnings per share⁽²⁾
Income (loss) from continuing operations	$	(6.42	)	$	0.60		$	4.17
Discontinued operations		0.83			0.13			0.22
Net income (loss)	$	(5.59	)	$	0.73		$	4.39
Diluted earnings per share⁽¹⁾⁽²⁾
Income (loss) from continuing operations	$	(6.42	)	$	0.59		$	4.09
Discontinued operations		0.83			0.13			0.22
Net income (loss)	$	(5.59	)	$	0.72		$	4.31

(1)	Due to the net loss in 2008, income (loss) available to common stockholders for basic EPS was used to calculate diluted earnings per share. Adding back the effect of dilutive securities would result in anti-dilution.

(2)	Diluted shares used in the diluted EPS calculation represent basic shares for 2008 due to the net loss. Using actual diluted shares would result in anti-dilution.

During 2008, 2007 and 2006, weighted average options of 156.1 million, 76.3 million, and 69.1 million shares, respectively, with weighted average exercise prices of $41.99, $50.40, and $49.98 per share, respectively, were

excluded from the computation of diluted EPS because the options’ exercise prices were greater than the average market price of the Company’s common stock.

155

12. EARNINGS PER SHARE

The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the years ended December 31:


In millions, except per share amounts	2008			2007			2006
Income (loss) from continuing operations	$	(32,094	)	$	2,989		$	20,451
Discontinued operations		4,410			628			1,087
Preferred dividends		(1,732	)		(36	)		(64	)
Income (loss) available to common stockholders for basic EPS		(29,416	)		3,581			21,474
Effect of dilutive securities		877			—			—
Income (loss) available to common stockholders for diluted EPS⁽¹⁾	$	(28,539	)	$	3,581		$	21,474
Weighted average common shares outstanding applicable to basic EPS		5,265.4			4,905.8			4,887.3
Effect of dilutive securities:
Options		0.3			18.2			27.2
Restricted and deferred stock		26.2			71.3			71.6
Preferred stock		503.2			—			—
Adjusted weighted average common shares outstanding applicable to diluted EPS		5,795.1			4,995.3			4,986.1
Basic earnings per share⁽²⁾
Income (loss) from continuing operations	$	(6.42	)	$	0.60		$	4.17
Discontinued operations		0.83			0.13			0.22
Net income (loss)	$	(5.59	)	$	0.73		$	4.39
Diluted earnings per share⁽¹⁾⁽²⁾
Income (loss) from continuing operations	$	(6.42	)	$	0.59		$	4.09
Discontinued operations		0.83			0.13			0.22
Net income (loss)	$	(5.59	)	$	0.72		$	4.31

(1)	Due to the net loss in 2008, income (loss) available to common stockholders for basic EPS was used to calculate diluted earnings per share. Adding back the effect of dilutive securities would result in anti-dilution.

(2)	Diluted shares used in the diluted EPS calculation represent basic shares for 2008 due to the net loss. Using actual diluted shares would result in anti-dilution.

excluded from the computation of diluted EPS because the options’ exercise prices were greater than the average market price of the Company’s common stock.

155

This excerpt taken from the C 8-K filed Jan 23, 2009.

Earnings Per Share

This excerpt taken from the C 8-K filed Aug 14, 2008.

Earnings Per Share

This excerpt taken from the C 10-Q filed May 2, 2008.

7. Earnings Per Share

The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the three months ended March 31, 2008 and 2007:

*In millions, except per share amounts*	March 31, 2008			March 31, 2007
Net income (loss)	$	(5,111	)	$	5,012
Preferred dividends		(83	)		(16	)

Income available to common stockholders for basic EPS		(5,194	)		4,996
Effect of dilutive securities		66			—

Income available to common stockholders for diluted EPS(1)	$	(5,128	)	$	4,996

Weighted average common shares outstanding applicable to basic EPS		5,085.6			4,877.0
Effect of dilutive securities:
Convertible securities		489.2			—
Options		0.9			26.7
Restricted and deferred stock		15.4			64.2

Adjusted weighted average common shares outstanding applicable to diluted EPS		5,591.1			4,967.9

Basic earnings per share	$	(1.02	)	$	1.02

Diluted earnings per share(1)(2)	$	(1.02	)	$	1.01

(1): Due to the net loss in the first quarter of 2008, income available to common stockholders for basic EPS was used to calculate diluted earnings per share. Adding back the effect of dilutive securities would result in anti-dilution.
(2): Due to the net loss in the first quarter of 2008, basic shares were used to calculate diluted earnings per share. Adding dilutive securities to the denominator would result in anti-dilution.

8. Trading Account Assets and Liabilities

Trading account assets and liabilities, at fair value, consisted of the following at March 31, 2008 and December 31, 2007:

*In millions of dollars*	March 31, 2008		December 31, 2007(1)
Trading account assets
U.S. Treasury and federal agency securities	$	33,664	$	32,180
State and municipal securities		18,005		18,574
Foreign government securities		68,748		52,332
Corporate and other debt securities		140,481		156,242
Derivatives(2)		124,481		76,881
Equity securities		90,373		106,868
Mortgage loans and collateralized mortgage securities		51,761		56,740
Other		50,924		39,167

Total trading account assets	$	578,437	$	538,984

Trading account liabilities
Securities sold, not yet purchased	$	76,003	$	78,541
Derivatives(2)		125,983		103,541

Total trading account liabilities	$	201,986	$	182,082

(1): Reclassified to conform to the current period's presentation.
(2): Pursuant to master netting agreements.

These excerpts taken from the C 10-K filed Feb 22, 2008.

Earnings Per Share

common shares outstanding for the period, excluding restricted stock. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. It is computed after giving consideration to the weighted average dilutive effect of the Company’s stock options and the shares issued under the Company’s Capital Accumulation Program and other restricted stock plans.

12. EARNINGS PER SHARE

The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the years ended December 31:


In millions, except per share amounts	2007			2006			2005
Income from continuing operations before cumulative effect of accounting change	$	3,617		$	21,249		$	19,806
Discontinued operations		—			289			4,832
Cumulative effect of accounting change		—			—			(49	)
Preferred dividends		(36	)		(64	)		(68	)
Income available to common stockholders for basic EPS		3,581			21,474			24,521
Effect of dilutive securities		—			—			—
Income available to common stockholders for diluted EPS	$	3,581		$	21,474		$	24,521
Weighted average common shares outstanding applicable to basic EPS		4,905.8			4,887.3			5,067.6
Effect of dilutive securities:
Options		18.2			27.2			33.6
Restricted and deferred stock		71.3			71.6			59.2
Adjusted weighted average common shares outstanding applicable to diluted EPS		4,995.3			4,986.1			5,160.4
Basic earnings per share
Income from continuing operations before cumulative effect of accounting change	$	0.73		$	4.33		$	3.90
Discontinued operations		—			0.06			0.95
Cumulative effect of accounting change		—			—			(0.01	)
Net income	$	0.73		$	4.39		$	4.84
Diluted earnings per share
Income from continuing operations before cumulative effect of accounting change	$	0.72		$	4.25		$	3.82
Discontinued operations		—			0.06			0.94
Cumulative effect of accounting change		—			—			(0.01	)
Net income	$	0.72		$	4.31		$	4.75

During 2007, 2006 and 2005, weighted average options of 76.3 million, 69.1 million, and 99.2 million shares, respectively, with weighted average exercise prices of $50.40, $49.98, and $49.44 per share, respectively, were excluded from the computation of diluted EPS because the options’ exercise prices were greater than the average market price of the Company’s common stock.

EXCERPTS ON THIS PAGE:

8-K	Oct 13, 2009

10-K (4 sections)	Feb 27, 2009

8-K	Jan 23, 2009

8-K	Aug 14, 2008

10-Q	May 2, 2008

10-K (2 sections)	Feb 22, 2008

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Citigroup (C)

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