v3.3.1.900
EARNINGS PER COMMON SHARE (Tables)
9 Months Ended
Sep. 30, 2015
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)

 

2015

 

2014

 

2015

 

2014

 

Income from continuing operations, net of tax

 

$

213

 

$

277

 

$

551

 

$

525

 

Net (income) loss attributable to noncontrolling interests

 

5

 

(10

)

1

 

7

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations attributable to Bunge

 

218

 

267

 

552

 

532

 

 

 

 

 

 

 

 

 

 

 

Other redeemable obligations (1)

 

(2

)

(2

)

(13

)

(15

)

Convertible preference share dividends

 

(8

)

(8

)

(25

)

(25

)

Income (loss) from discontinued operations, net of tax

 

21

 

27

 

36

 

37

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) available to Bunge common shareholders

 

$

229

 

$

284

 

$

550

 

$

529

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

143,361,057

 

145,528,313

 

144,077,505

 

146,493,870

 

Effect of dilutive shares:

 

 

 

 

 

 

 

 

 

—stock options and awards

 

638,412

 

981,122

 

822,124

 

958,505

 

—convertible preference shares

 

7,794,930

 

7,680,390

 

7,794,930

 

7,680,390

 

 

 

 

 

 

 

 

 

 

 

Diluted (2)

 

151,794,399

 

154,189,825

 

152,694,559

 

155,132,765

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

1.45

 

$

1.77

 

$

3.57

 

$

3.36

 

Net income (loss) from discontinued operations

 

0.14

 

0.19

 

0.25

 

0.25

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) to Bunge attributable to common shareholders—basic

 

$

1.59

 

$

1.96

 

$

3.82

 

$

3.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share:

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

1.42

 

$

1.73

 

$

3.53

 

$

3.34

 

Net income (loss) from discontinued operations

 

0.14

 

0.17

 

0.24

 

0.24

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Bunge common shareholders—diluted

 

$

1.56

 

$

1.90

 

$

3.77

 

$

3.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Accretion of redeemable noncontrolling interest of $2 million and $2 million for the three months ended September 30, 2015 and 2014, respectively, and $13 million and $15 million for the nine months ended September 30, 2015 and 2014, respectively, 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 Central and 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, 2015, and 2014, respectively.

 

(2)

Approximately 3 million and 2 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, 2015.

 

Approximately 2 million and 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, 2014.