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EARNINGS PER COMMON SHARE | 9 Months Ended
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Sep. 30, 2013
EARNINGS PER COMMON SHARE |
EARNINGS PER COMMON SHARE | 17. EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per common share.
|  | Three Months Ended |  | Nine Months Ended |
|  | September 30, |  | September 30, |
(US$ in millions, except for share data) |  | 2013 |  | 2012 |  | 2013 |  | 2012 |
Income (loss) from continuing operations |  | $ | (296 | ) | $ | 299 |  | $ | (17 | ) | $ | 689 |
Net (income) loss attributable to noncontrolling interests |  | 45 |  | (4 | ) | 91 |  | 7 |
Income (loss) from continuing operations attributable to Bunge |  | (251 | ) | 295 |  | 74 |  | 696 |
Other redeemable obligations (1) |  | (9 | ) | — |  | (28 | ) | — |
Convertible preference share dividends |  | (8 | ) | (8 | ) | (25 | ) | (25 | )
Income (loss) from discontinued operations, net of tax |  | 103 |  | 2 |  | 94 |  | (33 | )
Net income (loss) available to Bunge common shareholders |  | $ | (165 | ) | $ | 289 |  | $ | 115 |  | $ | 638 |
Weighted-average number of common shares outstanding: |  |  |  |  |  |  |  |  |
Basic |  | 147,349,175 |  | 146,074,712 |  | 147,044,232 |  | 145,921,603 |
Effect of dilutive shares: |  |  |  |  |  |  |  |  |
–stock options and awards |  | — |  | 986,835 |  | 981,920 |  | 1,029,573 |
–convertible preference shares |  | — |  | 7,583,790 |  | — |  | 7,583,790 |
Diluted (2) |  | 147,349,175 |  | 154,645,337 |  | 148,026,152 |  | 154,534,966 |
Basic earnings per common share: |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations |  | $ | (1.82 | ) | $ | 1.96 |  | $ | 0.14 |  | $ | 4.59 |
Net income (loss) from discontinued operations |  | 0.69 |  | 0.01 |  | 0.64 |  | (0.22 | )
Net income (loss) attributable to Bunge common shareholders—basic |  | $ | (1.13 | ) | $ | 1.97 |  | $ | 0.78 |  | $ | 4.37 |
Diluted earnings per common share: |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations |  | $ | (1.82 | ) | $ | 1.91 |  | $ | 0.14 |  | $ | 4.50 |
Net income (loss) from discontinued operations |  | 0.69 |  | 0.01 |  | 0.64 |  | (0.21 | )
Net income (loss) attributable to Bunge common shareholders—diluted |  | $ | (1.13 | ) | $ | 1.92 |  | $ | 0.78 |  | $ | 4.29 |
(1) Accretion of redeemable noncontrolling interests of $9 million and $28 million for the three and nine months ended September 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 nine months ended September 30, 2013. (2) Weighted-average common shares outstanding-diluted for the three months ended September 30, 2013 exclude the dilutive effect of approximately 3 million of outstanding stock options and contingently issuable restricted stock units and the dilutive effect of approximately 1 million incremental common shares and 7.6 million weighted average common shares that would be issuable upon conversion of Bunge’s convertible preference shares because the effects of these conversions would not have been dilutive. Weighted-average common shares outstanding-diluted for the nine months ended September 30, 2013 exclude the dilutive effect of approximately 3 million of outstanding stock options and contingently issuable restricted stock units and the dilutive effect of approximately 7.6 million weighted average common shares that would be issuable upon conversion of Bunge’s convertible preference shares because the effects of these conversions would not have been dilutive. Weighted-average common shares outstanding-diluted for the three and nine months ended September 30, 2012 exclude the dilutive effect of approximately 4 million of outstanding stock options and contingently issuable restricted stock units because the effect of conversion would not have been dilutive. Weighted-average common shares outstanding-diluted for the three and nine months ended nine months ended September 30, 2012 include the dilutive effect of 7.6 million weighted average common shares that would be issuable upon conversion of Bunge’s convertible preference shares.

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