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Earnings Per Share ("EPS") | 9 Months Ended
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Sep. 30, 2018
Earnings Per Share [Abstract] |
Earnings Per Share ("EPS") |
15. | EARNINGS PER SHARE (“EPS”)
A reconciliation of net income attributable to Baidu, Inc. in the unaudited interim condensed consolidated statements of comprehensive income to the numerator for the computation of basic and diluted earnings per share for the three-month periods ended September 30, 2017 and 2018 is as follows:
|  | For the three months ended |
|  | September 30, 2017 |  |  | September 30, 2018 |  |  | September 30, 2018 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
|  | (unaudited) |
Net income attributable to Baidu, Inc. |  |  | 7,949 |  |  |  | 12,396 |  |  |  | 1,805 |
Accretion of the redeemable noncontrolling interests |  |  | 466 |  |  |  | — |  |  |  | — |
Net income available to ordinary shareholders |  |  | 8,415 |  |  |  | 12,396 |  |  |  | 1,805 |
The following table sets forth the computation of basic and diluted net income attributable to Baidu, Inc. per Class A and Class B ordinary share for the three-month periods ended September 30, 2017 and 2018
|  | For the three months ended |
|  | September 30, 2017 |  |  | September 30, 2018 |
|  | Class A |  |  | Class B |  |  | Class A |  |  | Class A |  |  | Class B |  |  | Class B |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |  |  | RMB |  |  | US$ |
|  | (In millions, except for number of shares, per share and per ADS data) |
|  | (unaudited) |
Earnings per share — basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocation of net income available to ordinary shareholders |  |  | 6,666 |  |  |  | 1,749 |  |  |  | 9,838 |  |  |  | 1,432 |  |  |  | 2,558 |  |  |  | 373 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average ordinary shares outstanding |  |  | 27,489,083 |  |  |  | 7,214,841 |  |  |  | 27,690,479 |  |  |  | 27,690,479 |  |  |  | 7,201,254 |  |  |  | 7,201,254 |
Denominator used for earnings per share |  |  | 27,489,083 |  |  |  | 7,214,841 |  |  |  | 27,690,479 |  |  |  | 27,690,479 |  |  |  | 7,201,254 |  |  |  | 7,201,254 |
Earnings per share — basic |  |  | 242.48 |  |  |  | 242.48 |  |  |  | 355.27 |  |  |  | 51.73 |  |  |  | 355.27 |  |  |  | 51.73 |
Earnings per share — diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocation of net income available to ordinary shareholders |  |  | 6,680 |  |  |  | 1,735 |  |  |  | 9,857 |  |  |  | 1,435 |  |  |  | 2,539 |  |  |  | 370 |
Reallocation of net income available to ordinary shareholders as a result of conversion of Class B to Class A shares |  |  | 1,735 |  |  |  | — |  |  |  | 2,539 |  |  |  | 370 |  |  |  | — |  |  |  | — |
Allocation of net income available to ordinary shareholders |  |  | 8,415 |  |  |  | 1,735 |  |  |  | 12,396 |  |  |  | 1,805 |  |  |  | 2,539 |  |  |  | 370 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average ordinary shares outstanding |  |  | 27,489,083 |  |  |  | 7,214,841 |  |  |  | 27,690,479 |  |  |  | 27,690,479 |  |  |  | 7,201,254 |  |  |  | 7,201,254 |
Conversion of Class B to Class A ordinary shares |  |  | 7,214,841 |  |  |  | — |  |  |  | 7,201,254 |  |  |  | 7,201,254 |  |  |  | — |  |  |  | — |
Share-based awards |  |  | 287,253 |  |  |  | — |  |  |  | 267,014 |  |  |  | 267,014 |  |  |  | — |  |  |  | — |
Denominator used for earnings per share |  |  | 34,991,177 |  |  |  | 7,214,841 |  |  |  | 35,158,747 |  |  |  | 35,158,747 |  |  |  | 7,201,254 |  |  |  | 7,201,254 |
Earnings per share — diluted |  |  | 240.49 |  |  |  | 240.49 |  |  |  | 352.57 |  |  |  | 51.34 |  |  |  | 352.57 |  |  |  | 51.34 |
Earnings per ADS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Denominator used for earnings per ADS — basic |  |  | 274,890,830 |  |  |  |  |  |  |  | 276,904,790 |  |  |  | 276,904,790 |  |  |  |  |  |  |  |  |
Denominator used for earnings per ADS — diluted |  |  | 349,911,770 |  |  |  |  |  |  |  | 351,587,470 |  |  |  | 351,587,470 |  |  |  |  |  |  |  |  |
Earnings per ADS — basic |  |  | 24.25 |  |  |  |  |  |  |  | 35.53 |  |  |  | 5.17 |  |  |  |  |  |  |  |  |
Earnings per ADS — diluted |  |  | 24.05 |  |  |  |  |  |  |  | 35.26 |  |  |  | 5.13 |  |  |  |  |  |  |  |  |
The Company did not include certain stock options and restricted shares in the computation of diluted earnings per share for the three-month periods ended September 30, 2017 and 2018 when those stock options or restricted shares were anti-dilutive for the respective periods. A reconciliation of net income attributable to Baidu, Inc. in the unaudited interim condensed consolidated statements of comprehensive income to the numerator for the computation of basic and diluted earnings per share for the nine-month periods ended September 30, 2017 and 2018 is as follows:
|  | For the nine months ended |
|  | September 30, 2017 |  |  | September 30, 2018 |  |  | September 30, 2018 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
|  | (unaudited) |
Net income attributable to Baidu, Inc. |  |  | 14,141 |  |  |  | 25,492 |  |  |  | 3,711 |
Accretion of the redeemable noncontrolling interests |  |  | (173 | ) |  |  | (128 | ) |  |  | (19 | )
Net income available to ordinary shareholders |  |  | 13,968 |  |  |  | 25,364 |  |  |  | 3,692 |
The following table sets forth the computation of basic and diluted net income attributable to Baidu, Inc. per share for Class A and Class B ordinary shares for the nine-month periods ended September 30, 2017 and 2018:
|  | For the nine months ended |
|  | September 30, 2017 |  |  | September 30, 2018 |
|  | Class A |  |  | Class B |  |  | Class A |  |  | Class A |  |  | Class B |  |  | Class B |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |  |  | RMB |  |  | US$ |
|  | (In millions, except for number of shares, per share and per ADS data) |
|  | (unaudited) |
Earnings per share - basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocation of net income available to ordinary shareholders |  |  | 11,038 |  |  |  | 2,930 |  |  |  | 20,130 |  |  |  | 2,930 |  |  |  | 5,234 |  |  |  | 762 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average ordinary shares outstanding |  |  | 27,425,010 |  |  |  | 7,280,283 |  |  |  | 27,693,504 |  |  |  | 27,693,504 |  |  |  | 7,201,254 |  |  |  | 7,201,254 |
Denominator used for earnings per share |  |  | 27,425,010 |  |  |  | 7,280,283 |  |  |  | 27,693,504 |  |  |  | 27,693,504 |  |  |  | 7,201,254 |  |  |  | 7,201,254 |
Earnings per share - basic |  |  | 402.48 |  |  |  | 402.48 |  |  |  | 726.87 |  |  |  | 105.83 |  |  |  | 726.87 |  |  |  | 105.83 |
Earnings per share - diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allocation of net income available to ordinary shareholders |  |  | 11,054 |  |  |  | 2,914 |  |  |  | 20,177 |  |  |  | 2,937 |  |  |  | 5,187 |  |  |  | 755 |
Reallocation of net income available to ordinary shareholders as a result of conversion of Class B to Class A shares |  |  | 2,914 |  |  |  | — |  |  |  | 5,187 |  |  |  | 755 |  |  |  | — |  |  |  | — |
Allocation of net income available to ordinary shareholders |  |  | 13,968 |  |  |  | 2,914 |  |  |  | 25,364 |  |  |  | 3,692 |  |  |  | 5,187 |  |  |  | 755 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average ordinary shares outstanding |  |  | 27,425,010 |  |  |  | 7,280,283 |  |  |  | 27,693,504 |  |  |  | 27,693,504 |  |  |  | 7,201,254 |  |  |  | 7,201,254 |
Conversion of Class B to Class A ordinary shares |  |  | 7,280,283 |  |  |  | — |  |  |  | 7,201,254 |  |  |  | 7,201,254 |  |  |  | — |  |  |  | — |
Share-based awards |  |  | 189,712 |  |  |  | — |  |  |  | 318,479 |  |  |  | 318,479 |  |  |  | — |  |  |  | — |
Denominator used for earnings per share |  |  | 34,895,005 |  |  |  | 7,280,283 |  |  |  | 35,213,237 |  |  |  | 35,213,237 |  |  |  | 7,201,254 |  |  |  | 7,201,254 |
Earnings per share - diluted |  |  | 400.29 |  |  |  | 400.29 |  |  |  | 720.30 |  |  |  | 104.88 |  |  |  | 720.30 |  |  |  | 104.88 |
Earnings per ADS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Denominator used for earnings per ADS - basic |  |  | 274,250,100 |  |  |  |  |  |  |  | 276,935,040 |  |  |  | 276,935,040 |  |  |  |  |  |  |  |  |
Denominator used for earnings per ADS - diluted |  |  | 348,950,050 |  |  |  |  |  |  |  | 352,132,370 |  |  |  | 352,132,370 |  |  |  |  |  |  |  |  |
Earnings per ADS - basic |  |  | 40.25 |  |  |  |  |  |  |  | 72.69 |  |  |  | 10.58 |  |  |  |  |  |  |  |  |
Earnings per ADS - diluted |  |  | 40.03 |  |  |  |  |  |  |  | 72.03 |  |  |  | 10.49 |  |  |  |  |  |  |  |  |
The Company did not include certain stock options and restricted shares in the computation of diluted earnings per share for the nine-month periods ended September 30, 2017 and 2018 when those stock options or restricted shares were anti-dilutive for earnings per share for the respective periods.

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