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.