|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
|
September 30, |
|
September 30, |
|
|
(US$ in millions, except for share data) |
|
2012 |
|
2011 (1) |
|
2012 |
|
2011 (1) |
|
|
Net income attributable to Bunge |
|
$ |
297 |
|
$ |
140 |
|
$ |
663 |
|
$ |
688 |
|
|
Convertible preference share dividends |
|
(8 |
) |
(8 |
) |
(25 |
) |
(25 |
) |
|
Net income available to Bunge common shareholders |
|
$ |
289 |
|
$ |
132 |
|
$ |
638 |
|
$ |
663 |
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
146,074,712 |
|
146,684,583 |
|
145,921,603 |
|
146,935,716 |
|
|
Effect of dilutive shares: |
|
|
|
|
|
|
|
|
|
|
—Stock options and awards |
|
986,835 |
|
947,140 |
|
1,029,573 |
|
1,108,797 |
|
|
—Convertible preference shares |
|
7,583,790 |
|
— |
|
7,583,790 |
|
7,547,220 |
|
|
Diluted (2) |
|
154,645,337 |
|
147,631,723 |
|
154,534,966 |
|
155,591,733 |
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.97 |
|
$ |
0.90 |
|
$ |
4.37 |
|
$ |
4.51 |
|
|
Diluted |
|
$ |
1.92 |
|
$ |
0.89 |
|
$ |
4.29 |
|
$ |
4.42 |
|
(1) Subsequent to the issuance of its third quarter financial statements for 2011, Bunge became aware that net income for the third quarter excluded $33 million, net of tax, related to unrealized gains that were incorrectly excluded from results in the quarter. These mark-to-market gains arose from the impact of fluctuations in the Brazilian real at the end of the third quarter on certain foreign exchange derivatives associated with forward commodity contracts with farmers in Brazil. These gains substantially reversed in the first weeks of the fourth quarter, resulting in an offsetting mark-to-market loss of an equal amount that would have been recorded in the fourth quarter if the unrealized gains had been included in the third quarter. Based upon an evaluation of all relevant quantitative and qualitative factors, and after considering the provisions of APB Opinion No. 28, Interim Financial Reporting, paragraph 29, SAB No. 99, Materiality, and SAB 108, management believes the error was not material to the interim periods affected and therefore has not restated these financial statements.
(2) Approximately 4 million outstanding stock options and contingently issuable restricted stock units were not dilutive and not included in the weighted-average number of common shares outstanding for the three and nine months ended September 30, 2012, respectively. Approximately 3 million outstanding stock options and contingently issuable restricted stock units were not dilutive and not included in the weighted-average number of common shares outstanding for the three and nine months ended September 30, 2011, respectively. |