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These excerpts taken from the PBG 10-K filed Feb 20, 2009. EITF
Issue
No. 07-1
In December 2007, the FASB ratified its Emerging Issues Task
Force’s (“EITF”) Consensus for Issue
No. 07-1,
“Accounting for Collaborative Arrangements”
(“EITF 07-1”),
which defines collaborative arrangements and establishes
reporting requirements for transactions between participants in
a collaborative arrangement and between participants in the
arrangement and third parties.
EITF 07-1
will become effective beginning with our first quarter of 2009.
We do not believe this standard will have a material impact on
our Consolidated Financial Statements.
The following table reconciles the shares outstanding and net
earnings used in the computations of both basic and diluted
earnings per share:
Basic earnings per share are calculated by dividing the net
income by the weighted-average number of shares outstanding
during each period. Diluted earnings per share reflects the
potential dilution that could occur if stock options or other
equity awards from our stock compensation plans were exercised
and converted into common stock that would then participate in
net income.
Diluted earnings per share for the fiscal years ended 2008 and
2006 exclude the dilutive effect of 11.6 million and
1.7 million stock options, respectively. These shares were
excluded from the diluted earnings per share computation because
for the years noted, the exercise price of the stock options was
greater than the average market price of the Company’s
common shares during the related periods and the effect of
including the stock options in the computation would be
anti-dilutive. For the fiscal year ended 2007, there were no
stock options excluded from the diluted earnings per share
calculation.
38
Table of Contents
EITF Issue No. 07-1 In December 2007, the FASB ratified its Emerging Issues Task Force’s (“EITF”) Consensus for Issue No. 07-1, “Accounting for Collaborative Arrangements” (“EITF 07-1”), which defines collaborative arrangements and establishes reporting requirements for transactions between participants in a collaborative arrangement and between participants in the arrangement and third parties. EITF 07-1 will become effective beginning with our first quarter of 2009. We do not believe this standard will have a material impact on our Consolidated Financial Statements.
The following table reconciles the shares outstanding and net earnings used in the computations of both basic and diluted earnings per share:
Basic earnings per share are calculated by dividing the net income by the weighted-average number of shares outstanding during each period. Diluted earnings per share reflects the potential dilution that could occur if stock options or other equity awards from our stock compensation plans were exercised and converted into common stock that would then participate in net income. Diluted earnings per share for the fiscal years ended 2008 and 2006 exclude the dilutive effect of 11.6 million and 1.7 million stock options, respectively. These shares were excluded from the diluted earnings per share computation because for the years noted, the exercise price of the stock options was greater than the average market price of the Company’s common shares during the related periods and the effect of including the stock options in the computation would be anti-dilutive. For the fiscal year ended 2007, there were no stock options excluded from the diluted earnings per share calculation. 38 Table of Contents
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