Caremark 1999 Annual Report Download - page 41

Download and view the complete annual report

Please find page 41 of the 1999 Caremark annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 46

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46

39
Reconciliation of Earnings Per Common Share
Following is a reconciliation of basic and diluted earnings per common share for the respective fiscal years:
Fiscal Year
In millions, except per share amounts 1999 1998 1997
Numerator for earnings per common share calculation:
Earnings from continuing operations before extraordinary item $ 635.1 $ 384.5 $ 88.4
Preference dividends, net of tax benefit (14.7) (13.6) (13.7)
Earnings from continuing operations available to common
shareholders, basic $ 620.4 $ 370.9 $ 74.7
Earnings from discontinued operations —— 17.5
Extraordinary loss —— (17.1)
Net earnings available to common shareholders, basic $ 620.4 $ 370.9 $ 75.1
Earnings from continuing operations before extraordinary item $ 635.1 $ 384.5 $ 88.4
Effect of dilutive securities:
Preference dividends, net of tax benefit —— (13.7)
Dilutive earnings adjustments —(0.8) —
Earnings from continuing operations available to common
shareholders, diluted $ 635.1 $ 383.7 $ 74.7
Earnings from discontinued operations —— 17.5
Extraordinary loss —— (17.1)
Net earnings available to common shareholders, diluted $ 635.1 $ 383.7 $ 75.1
Denominator for earnings per common share calculation:
Weighted average common shares, basic 391.3 387.1 377.2
Effect of dilutive securities:
Preference stock 10.7 10.5 —
Stock options 6.9 7.6 7.9
Weighted average common shares, diluted 408.9 405.2 385.1
Basic earnings per common share:
Earnings from continuing operations before extraordinary item $ 1.59 $ 0.96 $ 0.20
Earnings from discontinued operations —— 0.05
Extraordinary item, net of tax benefit —— (0.05)
Net earnings $ 1.59 $ 0.96 $ 0.20
Diluted earnings per common share:
Earnings from continuing operations before extraordinary item $ 1.55 $ 0.95 $ 0.19
Earnings from discontinued operations —— 0.05
Extraordinary item, net of tax benefit —— (0.05)
Net earnings $ 1.55 $ 0.95 $ 0.19
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15