v2.4.0.8
EARNINGS PER COMMON SHARE (Tables)
9 Months Ended
Sep. 30, 2013
EARNINGS PER COMMON SHARE  
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.