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

Note 8 • Earnings per share

The following table sets forth the computation of basic and diluted earnings per share for the six months ended June 30, 2011 and June 30, 2010:

 

2011

2010

in EUR (except number of shares)

Basic

Diluted

Basic

Diluted

 

 

 

 

 

Numerator

 

 

 

 

Net income attributable to Adecco shareholders

241

241

154

154

Interest on convertible bond, net of tax

 

 

 

2

Net income available for earnings per share calculation

241

241

154

156

 

 

 

 

 

Denominator

 

 

 

 

Weighted-average outstanding shares

173,697,598

173,697,598

174,096,579

174,096,579

Weighted-average shares deliverable under prepaid forward

18,166,855

18,166,855

17,874,646

17,874,646

Weighted-average shares

191,864,453

191,864,453

191,971,225

191,971,225

Incremental shares for assumed conversions:

 

 

 

 

• Convertible bond

 

 

 

5,332,596

• Employee stock-based compensation

 

125,146

 

40,885

Total average equivalent shares

191,864,453

191,989,599

191,971,225

197,344,706

 

 

 

 

 

Per share amounts

 

 

 

 

Net earnings per share

1.26

1.26

0.80

0.79

The weighted-average shares include 18,166,855 and 17,874,646 shares as of June 30, 2011 and June 30, 2010, 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 397,501 as of June 30, 2011 and 1,745,033 as of June 30, 2010, were excluded from the computation of diluted net income per share as the effect would have been anti-dilutive.