Note 8—Earnings Per Share

The following table presents earnings per share for the three months ended June 30, 2013.⁽¹⁾



	Basic Earnings Per Share					Diluted Earnings Per Share
	(in millions, except per share data)
	Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)	Earnings per Share = (A)/(B)		Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)		Earnings per Share = (A)/(B)
Class A common stock	$	973	515	$	1.89	$	1,225	651	⁽³⁾	$	1.88
Class B common stock	194		245	0.79		194		245		0.79
Class C common stock	53		28	1.89		53		28		1.88
Participating securities⁽⁴⁾	5		Not presented	Not presented		5		Not presented		Not presented
Net income attributable to Visa Inc.	$	1,225

The following table presents earnings per share for the nine months ended June 30, 2013.⁽¹⁾



	Basic Earnings Per Share					Diluted Earnings Per Share
	(in millions, except per share data)
	Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)	Earnings per Share = (A)/(B)		Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)		Earnings per Share = (A)/(B)
Class A common stock	$	3,014	524	$	5.76	$	3,788	660	⁽³⁾	$	5.74
Class B common stock	594		245	2.42		592		245		2.41
Class C common stock	166		29	5.76		165		29		5.74
Participating securities⁽⁴⁾	14		Not presented	Not presented		14		Not presented		Not presented
Net income attributable to Visa Inc.	$	3,788

The following table presents loss per share for the three months ended June 30, 2012.⁽¹⁾



	Basic Earnings (Loss) Per Share							Diluted Earnings (Loss) Per Share
	(in millions, except per share data)
	Loss Allocation (A)⁽²⁾			Weighted- Average Shares Outstanding (B)	Earnings (Loss) per Share = (A)/(B)			Loss Allocation (A)⁽²⁾			Weighted- Average Shares Outstanding (B)		Earnings (Loss) per Share = (A)/(B)
Class A common stock	$	(1,437	)	525	$	(2.74	)	$	(1,839	)	672	⁽³⁾	$	(2.74	)
Class B common stock	(286		)	245	(1.16		)	(286		)	245		(1.16		)
Class C common stock	(109		)	40	(2.74		)	(109		)	40		(2.74		)
Participating securities⁽⁴⁾	(7		)	Not presented	Not presented			(7		)	Not presented		Not presented
Net loss attributable to Visa Inc.	$	(1,839	)

The following table presents earnings per share for the nine months ended June 30, 2012. ⁽¹⁾



	Basic Earnings Per Share					Diluted Earnings Per Share
	(in millions, except per share data)
	Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)	Earnings per Share = (A)/(B)		Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)		Earnings per Share = (A)/(B)
Class A common stock	$	372	523	$	0.71	$	482	681	⁽³⁾	$	0.71
Class B common stock	78		245	0.32		78		245		0.32
Class C common stock	30		43	0.71		30		43		0.71
Participating securities⁽⁴⁾	2		Not presented	Not presented		2		Not presented		Not presented
Net income attributable to Visa Inc.	$	482


⁽¹⁾	Figures in the table may not recalculate exactly due to rounding. Earnings (loss) per share is calculated based on whole numbers, not the rounded numbers presented.


⁽²⁾	Net income (loss) attributable to Visa Inc. is allocated based on proportional ownership on an as-converted basis. The weighted-average numbers of shares of as-converted class B common stock used in the income (loss) allocation were 103 million for the three and nine months ended June 30, 2013, and 104 million and 110 million for the three and nine months ended June 30, 2012, respectively.

⁽³⁾

Weighted-average diluted shares outstanding are calculated on an as-converted basis, and include incremental common stock equivalents, as calculated under the treasury stock method. The computation includes 2 million common stock equivalents for the three and nine months ended June 30, 2013, and 3 million for the nine months ended June 30, 2012, because their effect would have been dilutive. The computation excludes less than 1 million common stock equivalents for the three and nine months ended June 30, 2013 and the nine months ended June 30, 2012, because their effect would have been anti-dilutive. The computation also excludes 7 million outstanding stock awards for the three months ended June 30, 2012, because their effect would have been anti-dilutive as the Company had a net loss.


⁽⁴⁾	Participating securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, such as the Company's restricted stock awards, restricted stock units and earned performance-based shares.