Best Buy 2012 Annual Report Download - page 99

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$ in millions, except per share amounts or as otherwise noted
99
At March 3, 2012, options to purchase 35.8 million shares of common stock were outstanding as follows (shares in millions):
Exercisable Unexercisable Total
Shares %
Weighted-
Average Price
per Share Shares %
Weighted-
Average Price
per Share Shares %
Weighted-
Average Price
per Share
In-the-money 3.6 15% $ 25.28 2.8 25% $ 25.07 6.4 18% $ 25.19
Out-of-the-money 20.8 85% 42.81 8.6 75% 36.30 29.4 82% 40.91
Total 24.4 100% $ 40.21 11.4 100% $ 27.30 35.8 100% $ 38.08
The computation of dilutive shares outstanding excludes the out-of-the-money stock options because such outstanding options'
exercise prices were greater than the average market price of our common shares and, therefore, the effect would be antidilutive
(i.e., including such options would result in higher earnings per share).
The following table presents a reconciliation of the numerators and denominators of basic and diluted earnings per share in
fiscal 2012, 2011 and 2010:
2012(1) 2011 2010
Numerator:
Net earnings from continuing operations $ 330 $ 1,554 $ 1,495
Net (earnings) from continuing operations attributable to noncontrolling interests (1,387)(127)(96)
Net (loss) earnings from continuing operations attributable to Best Buy Co., Inc., basic (1,057) 1,427 1,399
Adjustment for assumed dilution:
Interest on convertible debentures due in 2022, net of tax — 6 6
Net (loss) earnings from continuing operations attributable to Best Buy Co., Inc., diluted $ (1,057) $ 1,433 $ 1,405
Denominator (in millions):
Weighted-average common shares outstanding 366.3 406.1 416.8
Effect of potentially dilutive securities:
Shares from assumed conversion of convertible debentures — 8.8 8.8
Stock options and other — 1.6 1.9
Weighted-average common shares outstanding, assuming dilution 366.3 416.5 427.5
Net (loss) earnings per share from continuing operations attributable to Best Buy Co.,
Inc.
Basic $ (2.89) $ 3.51 $ 3.36
Diluted $ (2.89) $ 3.44 $ 3.29
(1) The calculation of diluted (loss) per share for fiscal 2012 does not include potentially dilutive securities because their inclusion would be anti-dilutive
(i.e., reduce the net loss per share).
Repurchase of Common Stock
In June 2011, our Board of Directors authorized a new $5,000 share repurchase program. The June 2011 program terminated
and replaced our prior $5,500 share repurchase program authorized in June 2007. There is no expiration date governing the
period over which we can repurchase shares under the June 2011 share repurchase program.