Annual Report 2011
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:
| 2011 | 2010 | 2009 | |||
in EUR (except number of shares) | Basic | Diluted | Basic | Diluted | Basic | Diluted |
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Numerator |
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Net income attributable to Adecco shareholders | 519 | 519 | 423 | 423 | 8 | 8 |
Interest on convertible bond, net of tax |
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| 2 |
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Net income available for earnings per share calculation | 519 | 519 | 423 | 425 | 8 | 8 |
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Denominator |
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Weighted-average outstanding shares | 172,394,340 | 172,394,340 | 174,151,587 | 174,151,587 | 174,091,286 | 174,091,286 |
Weighted-average shares deliverable under prepaid forward | 18,277,383 | 18,277,383 | 17,961,492 | 17,961,492 | 3,515,530 | 3,515,530 |
Weighted-average shares | 190,671,723 | 190,671,723 | 192,113,079 | 192,113,079 | 177,606,816 | 177,606,816 |
Incremental shares for assumed conversions: |
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• Convertible bond |
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| 3,417,413 |
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• Employee stock-based compensation |
| 133,357 |
| 65,833 |
| 7,175 |
Total average equivalent shares | 190,671,723 | 190,805,080 | 192,113,079 | 195,596,325 | 177,606,816 | 177,613,991 |
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Per share amounts |
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Net earnings per share | 2.72 | 2.72 | 2.20 | 2.17 | 0.04 | 0.04 |
The weighted-average shares include 18,277,383, 17,961,492, and 3,515,530 shares for 2011, 2010, and 2009, respectively deliverable under the prepaid forward with Adecco Investment. 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 392,108 in 2011, 1,583,834 in 2010, and 4,027,697 in 2009 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.
