XML 33 R12.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Earnings Per Share | 12 Months Ended
--- | ---
Dec. 31, 2015
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share: Basic and diluted earnings per share from continuing operations are calculated as follows (in thousands, except per share amounts):
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
Basic earnings per share from continuing operations |  |  |  |  |
Numerator: |  |  |  |  |
Net income from continuing operations | $ | 360,064 |  |  | $ | 230,437 |  |  | $ | 435,726 |
Net income from continuing operations attributable to noncontrolling interests | (25,158 | ) |  | (27,590 | ) |  | (26,663 | )
Net income from continuing operations attributable to Albemarle Corporation | $ | 334,906 |  |  | $ | 202,847 |  |  | $ | 409,063 |
Denominator: |  |  |  |  |
Weighted-average common shares for basic earnings per share | 111,182 |  |  | 78,696 |  |  | 83,839 |
Basic earnings per share from continuing operations | $ | 3.01 |  |  | $ | 2.57 |  |  | $ | 4.88 |
Diluted earnings per share from continuing operations |  |  |  |  |
Numerator: |  |  |  |  |
Net income from continuing operations | $ | 360,064 |  |  | $ | 230,437 |  |  | $ | 435,726 |
Net income from continuing operations attributable to noncontrolling interests | (25,158 | ) |  | (27,590 | ) |  | (26,663 | )
Net income from continuing operations attributable to Albemarle Corporation | $ | 334,906 |  |  | $ | 202,847 |  |  | $ | 409,063 |
Denominator: |  |  |  |  |
Weighted-average common shares for basic earnings per share | 111,182 |  |  | 78,696 |  |  | 83,839 |
Incremental shares under stock compensation plans | 374 |  |  | 406 |  |  | 483 |
Weighted-average common shares for diluted earnings per share | 111,556 |  |  | 79,102 |  |  | 84,322 |
Diluted earnings per share from continuing operations | $ | 3.00 |  |  | $ | 2.57 |  |  | $ | 4.85 |
The Company’s policy on how to determine windfalls and shortfalls for purposes of calculating assumed stock award proceeds under the treasury stock method when determining the denominator for diluted earnings per share is to exclude the impact of pro forma deferred tax assets (i.e. the windfall or shortfall that would be recognized in the financial statements upon exercise of the award). At December 31, 2015, there were 1,114,041 common stock equivalents not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. Included in the calculation of basic earnings per share are unvested restricted stock awards that contain nonforfeitable rights to dividends. At December 31, 2015, there were 9,250 unvested shares of restricted stock awards outstanding. We have the authority to issue 15 million shares of preferred stock in one or more classes or series. As of December 31, 2015, no shares of preferred stock have been issued. On February 12, 2013, our Board of Directors authorized an increase in the number of shares the Company is permitted to repurchase under our share repurchase program, pursuant to which the Company is now permitted to repurchase up to a maximum of 15 million shares, including those shares previously authorized but not yet repurchased. Under its existing Board authorized share repurchase program, in 2014 and 2013 the Company repurchased 2,190,254 shares and 7,064,932 shares of its common stock, respectively, pursuant to accelerated share repurchase (“ASR”) agreements with two financial institutions. Amounts paid pursuant to the ASR agreements were $150 million and $450 million in 2014 and 2013, respectively, and these purchases were funded through a combination of available cash on hand and debt. The Company determined that each of the ASR agreements met the criteria to be accounted for as a forward contract indexed to its own stock and were therefore treated as equity instruments. The final number of shares delivered upon settlement of each agreement was determined with reference to the daily Rule 10b-18 volume weighted-average prices of the Company’s common stock over the term of each agreement, less a forward price adjustment amount. The shares repurchased reduced the Company’s weighted average shares outstanding for purposes of calculating basic and diluted earnings per share. During the years ended December 31, 2014 and 2013, the Company repurchased 2,190,254 and 9,198,056 shares of its common stock, respectively, pursuant to the terms of its share repurchase program. There were no shares of the Company’s common stock repurchased during the year ended December 31, 2015. As of December 31, 2015, there were 3,749,340 remaining shares available for repurchase under the Company’s authorized share repurchase program.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration