| Computation of basic and diluted earnings per common share |
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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(US$ in millions, except for share data)
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2015
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|
2014
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2015
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|
2014
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Income from continuing operations, net of tax
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$
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213
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$
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277
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|
$
|
551
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$
|
525
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Net (income) loss attributable to noncontrolling interests
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|
5
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|
(10
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)
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1
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|
7
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Income (loss) from continuing operations attributable to Bunge
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|
218
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|
267
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|
552
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|
532
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|
|
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Other redeemable obligations (1)
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(2
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)
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(2
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)
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(13
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)
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(15
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)
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Convertible preference share dividends
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(8
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)
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(8
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)
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(25
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)
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(25
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)
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Income (loss) from discontinued operations, net of tax
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|
21
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|
27
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|
36
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|
37
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Net income (loss) available to Bunge common shareholders
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$
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229
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$
|
284
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$
|
550
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$
|
529
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Weighted-average number of common shares outstanding:
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Basic
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143,361,057
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145,528,313
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144,077,505
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146,493,870
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Effect of dilutive shares:
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—stock options and awards
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638,412
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981,122
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822,124
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958,505
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—convertible preference shares
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7,794,930
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7,680,390
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7,794,930
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7,680,390
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Diluted (2)
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151,794,399
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154,189,825
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152,694,559
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155,132,765
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Basic earnings per common share:
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Net income (loss) from continuing operations
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$
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1.45
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$
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1.77
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$
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3.57
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$
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3.36
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Net income (loss) from discontinued operations
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0.14
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0.19
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0.25
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0.25
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Net income (loss) to Bunge attributable to common shareholders—basic
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$
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1.59
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$
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1.96
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$
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3.82
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$
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3.61
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Diluted earnings per common share:
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|
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Net income (loss) from continuing operations
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$
|
1.42
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$
|
1.73
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$
|
3.53
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$
|
3.34
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Net income (loss) from discontinued operations
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0.14
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|
0.17
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|
0.24
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|
0.24
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Net income (loss) attributable to Bunge common shareholders—diluted
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$
|
1.56
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|
$
|
1.90
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$
|
3.77
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$
|
3.58
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(1)
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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. |
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(2)
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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.
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