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Earnings Per Share | 12 Months Ended
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Dec. 31, 2011
Earnings Per Share |
Earnings Per Share |
24. Earnings Per Share Basic earnings per share is computed by dividing net income available to Bunge common shareholders by the weighted-average number of common shares outstanding, excluding any dilutive effects of stock options, restricted stock unit awards, convertible preference shares and convertible notes during the reporting period. Diluted earnings per share is computed similar to basic earnings per share, except that the weighted-average number of common shares outstanding is increased to include additional shares from the assumed exercise of stock options, restricted stock unit awards and convertible securities and notes, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options, except those which are not dilutive, were exercised and that the proceeds from such exercises were used to acquire common shares at the average market price during the reporting period. In addition, Bunge accounts for the effects of convertible securities and convertible notes, using the if-converted method. Under this method, the convertible securities and convertible notes are assumed to be converted and the related dividend or interest expense, net of tax, is added back to earnings, if dilutive. Bunge has 6,900,000 convertible perpetual preference shares outstanding at December 31, 2011 (see Note 23). Each convertible preference share has an initial liquidation preference of $100 per share and each convertible preference share is convertible, at any time at the holder's option, initially into approximately 1.0991 Bunge Limited common shares based on a conversion price of $90.9802 per convertible preference share, subject in each case to certain anti-dilution specified adjustments (which represents 7,583,790 common shares as of December 31, 2011). The calculation of diluted earnings per common share for the year ended December 31, 2009 does not include the weighted-average common shares that would be issuable upon conversion of the convertible perpetual preference shares as they were not dilutive. The calculations of diluted earnings per common share for the years ended December 31, 2011 and 2010 include the weighted-average common shares that would be issuable upon conversion of the convertible perpetual preference shares as they were dilutive. On the mandatory conversion date of December 1, 2010, each mandatory convertible preference share then outstanding, automatically converted into 9.7596 of common shares (see Note 23). At any time prior to December 1, 2010, holders could elect to convert the mandatory convertible preference shares at the conversion rate of 8.2416, subject to certain additional anti-dilution adjustments (which represented 7,108,009 common shares prior to December 1, 2010). Each mandatory convertible preference share had a liquidation preference of $1,000 per share. The calculation of diluted earnings per common share for the year ended December 31, 2010 includes the weighted-average common shares that would have been issuable upon conversion of the mandatory convertible preference shares, up to the mandatory conversion date of December 1, 2010, as they were dilutive. The calculation of diluted earnings per common share for the year ended December 31, 2009 does not include the weighted-average common shares that would have been issuable upon conversion of the mandatory convertible preference shares as they were not dilutive. The following table sets forth the computation of basic and diluted earnings per common share:
|  | Year Ended December 31, |
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(US$ in millions, except for share data) |  | 2011 |  | 2010 |  | 2009 |
Net income attributable to Bunge |  | $ | 942 |  | $ | 2,354 |  | $ | 361 |
Convertible preference share dividends |  |  | (34 | ) |  | (67 | ) |  | (78 | )
Net income available to Bunge common shareholders |  | $ | 908 |  | $ | 2,287 |  | $ | 283 |
Weighted-average number of common shares outstanding: |  |  |  |  |  |  |  |  |  |
Basic |  |  | 146,583,128 |  |  | 141,191,136 |  |  | 126,448,071 |
Effect of dilutive shares: |  |  |  |  |  |  |  |  |  |
—stock options and awards (1) |  |  | 1,042,127 |  |  | 1,032,143 |  |  | 1,221,751 |
—convertible preference shares |  |  | 7,583,790 |  |  | 14,051,535 |  |  | — |
Diluted |  |  | 155,209,045 |  |  | 156,274,814 |  |  | 127,669,822 |
Earnings per common share: |  |  |  |  |  |  |  |  |  |
Earnings to Bunge common shareholders—basic |  | $ | 6.20 |  | $ | 16.20 |  | $ | 2.24 |
Earnings to Bunge common shareholders—diluted |  | $ | 6.07 |  | $ | 15.06 |  | $ | 2.22 |
(1) The weighted-average common shares outstanding-diluted excludes approximately 4 million, 3 million and 2 million stock options and contingently issuable restricted stock units, which were not dilutive and not included in the computation of diluted earnings per share for 2011, 2010 and 2009, respectively.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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