| Computation of basic and diluted earnings per common share |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
|
June 30, |
|
June 30, |
|
|
(US$ in millions, except for share data) |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
Income from continuing operations |
|
$ |
121 |
|
$ |
259 |
|
$ |
278 |
|
$ |
383 |
|
|
Net (income) loss attributable to noncontrolling interests |
|
14 |
|
8 |
|
46 |
|
11 |
|
|
Income from continuing operations attributable to Bunge |
|
135 |
|
267 |
|
324 |
|
394 |
|
|
Other redeemable obligations (1) |
|
(17 |
) |
— |
|
(19 |
) |
— |
|
|
Convertible preference share dividends |
|
(9 |
) |
(9 |
) |
(17 |
) |
(17 |
) |
|
Income (loss) from discontinued operations, net of tax |
|
1 |
|
7 |
|
(8 |
) |
(28 |
) |
|
Net income available to Bunge common shareholders |
|
$ |
110 |
|
$ |
265 |
|
$ |
280 |
|
$ |
349 |
|
|
Weighted-average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
147,128,500 |
|
145,974,965 |
|
146,889,234 |
|
145,846,544 |
|
|
Effect of dilutive shares: |
|
|
|
|
|
|
|
|
|
|
–stock options and awards |
|
745,341 |
|
917,117 |
|
1,015,658 |
|
963,943 |
|
|
–convertible preference shares |
|
— |
|
7,583,790 |
|
— |
|
7,583,790 |
|
|
Diluted (2) |
|
147,873,841 |
|
154,475,872 |
|
147,904,892 |
|
154,394,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share: |
|
|
|
|
|
|
|
|
|
|
Net income (loss) from continuing operations |
|
$ |
0.74 |
|
$ |
1.77 |
|
$ |
1.97 |
|
$ |
2.58 |
|
|
Net income (loss) from discontinued operations |
|
0.02 |
|
0.05 |
|
(0.06 |
) |
(0.19 |
) |
|
Net income attributable to Bunge common shareholders—basic |
|
$ |
0.76 |
|
$ |
1.82 |
|
$ |
1.91 |
|
$ |
2.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share: |
|
|
|
|
|
|
|
|
|
|
Net income (loss) from continuing operations |
|
$ |
0.74 |
|
$ |
1.73 |
|
$ |
1.95 |
|
$ |
2.55 |
|
|
Net income (loss) from discontinued operations |
|
0.01 |
|
0.05 |
|
(0.05 |
) |
(0.18 |
) |
|
Net income attributable to Bunge common shareholders—diluted |
|
$ |
0.75 |
|
$ |
1.78 |
|
$ |
1.90 |
|
$ |
2.37 |
|
(1) Accretion of redeemable noncontrolling interests of $(17) million and $(19) million for the three and six months ended June 30, 2013 relates to a non-fair value variable put arrangement whereby the noncontrolling interest holder may require Bunge to purchase the remaining shares of an oilseed processing operation in Eastern Europe. Accretion for the respective periods includes the effect of losses incurred by the operations for the three and six months ended June 30, 2013.
(2) Approximately 4 million and 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 six months ended June 30, 2013 and 2012, respectively. Approximately 8 million weighted-average common shares that are issuable upon conversion of the convertible preference shares were not dilutive and not included in the weighted-average number of common shares outstanding for the three and six months ended June 30, 2013.
|