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 | 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 | 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.