Adecco Group –
Notes to consolidated financial statements
in millions, except share and per share information

Note 15 • Earnings per share

The following table sets forth the computation of basic and diluted earnings per share:

 

2010

2009

2008

in EUR (except number of shares)

Basic

Diluted

Basic

Diluted

Basic

Diluted

 

 

 

 

 

 

 

Numerator

 

 

 

 

 

 

Net income attributable to Adecco shareholders

423

423

8

8

495

495

Interest on convertible bond, net of tax

 

2

 

 

 

7

Net income available for earnings
per share calculation

423

425

8

8

495

502

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

Weighted-average outstanding shares

174,151,587

174,151,587

174,091,286

174,091,286

175,414,832

175,414,832

Weighted-average shares deliverable under
prepaid forward

17,961,492

17,961,492

3,515,530

3,515,530

 

 

Weighted-average shares

192,113,079

192,113,079

177,606,816

177,606,816

175,414,832

175,414,832

Incremental shares for assumed conversions:

 

 

 

 

 

 

• Convertible bond

 

3,417,413

 

 

 

9,441,281

• Employee stock based compensation

 

65,833

 

7,175

 

3,537

Total average equivalent shares

192,113,079

195,596,325

177,606,816

177,613,991

175,414,832

184,859,650

 

 

 

 

 

 

 

Per share amounts

 

 

 

 

 

 

Net earnings per share

2.20

2.17

0.04

0.04

2.82

2.71

The weighted-average shares include 17,961,492 and 3,515,530 shares for 2010 and 2009, respectively, deliverable under the prepaid forward with Adecco Investment since the exercise price of the prepaid forward is reduced proportionally for each dividend distribution to common shareholders, as described in Note 1, which represents participation rights of the prepaid forward. Stock options of 1,583,834 in 2010, 4,027,697 in 2009, and 5,522,846 in 2008, were excluded from the computation of diluted net income per share as the effect would have been anti-dilutive. The effect of the convertible bond, comprising EUR 6 of interest expense add-back and 7,569,582 additional incremental shares, was excluded from the computation in 2009 as the effect would have been anti-dilutive.