v2.4.0.8
EARNINGS PER COMMON SHARE (Tables)
6 Months Ended
Jun. 30, 2013
EARNINGS PER COMMON SHARE  
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.