| Earnings per share |
Basic net
income per share is calculated by dividing net income attributable
to the Company adjusted for any change in noncontrolling interest
redemption rights in excess of fair value, by the weighted average
number of common shares and vested stock units outstanding, net of
shares held in escrow that under certain circumstances may be
returned to the Company.
Diluted net income per
share includes the dilutive effect of outstanding stock-settled
stock appreciation rights (SSARs), stock options and unvested stock
units (under the treasury stock method) as well as shares held in
escrow that the Company expects will remain
outstanding.
The reconciliations of the
numerators and denominators used to calculate basic and diluted net
income per share are as follows:
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Year ended December
31, |
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2013 |
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2012 |
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|
2011 |
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|
(shares in
thousands) |
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|
Basic:
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|
|
|
|
|
|
|
|
|
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Income from continuing
operations attributable to DaVita HealthCare Partners
Inc.
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|
$ |
620,197 |
|
|
$ |
536,236 |
|
|
$ |
496,182 |
|
|
Change in noncontrolling
interest redemption rights in excess of fair value
|
|
|
— |
|
|
|
— |
|
|
|
335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Income from continuing
operations for basic earnings per share calculation
|
|
|
620,197 |
|
|
|
536,236 |
|
|
|
496,517 |
|
|
Discontinued operations
attributable to DaVita HealthCare Partners Inc.
|
|
|
13,249 |
|
|
|
(219 |
) |
|
|
(18,181 |
) |
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|
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|
|
|
|
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|
Net income attributable to
DaVita HealthCare Partners Inc. for basic earnings per share
calculation
|
|
$ |
633,446 |
|
|
$ |
536,017 |
|
|
$ |
478,336 |
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|
|
|
|
|
|
|
|
|
|
|
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|
Weighted average shares
outstanding during the period
|
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|
212,128 |
|
|
|
192,396 |
|
|
|
189,309 |
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|
Vested stock
units
|
|
|
5 |
|
|
|
6 |
|
|
|
7 |
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Weighted average
contingently returnable shares held in escrow as a result of the
acquisition of HealthCare Partners
|
|
|
(2,194 |
) |
|
|
(366 |
) |
|
|
— |
|
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|
|
|
|
|
|
|
|
|
|
|
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|
Weighted average shares for
basic earnings per share calculation
|
|
|
209,939 |
|
|
|
192,036 |
|
|
|
189,316 |
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|
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|
|
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Basic income from
continuing operations per share attributable to DaVita HealthCare
Partners Inc.
|
|
$ |
2.95 |
|
|
$ |
2.79 |
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|
$ |
2.62 |
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Basic income from
discontinued operations per share attributable to DaVita HealthCare
Partners Inc.
|
|
|
0.07 |
|
|
|
— |
|
|
|
(0.09 |
) |
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|
|
|
|
|
|
|
|
|
|
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Basic net income per
share attributable to DaVita HealthCare Partners
Inc.
|
|
$ |
3.02 |
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|
$ |
2.79 |
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|
$ |
2.53 |
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Diluted:
|
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|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations attributable to DaVita HealthCare Partners
Inc.
|
|
$ |
620,197 |
|
|
$ |
536,236 |
|
|
$ |
496,182 |
|
|
Change in noncontrolling
interest redemption rights in excess of fair value
|
|
|
— |
|
|
|
— |
|
|
|
335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations for diluted earnings per share calculation
|
|
|
620,197 |
|
|
|
536,236 |
|
|
|
496,517 |
|
|
Discontinued operations
attributable to DaVita HealthCare Partners Inc.
|
|
|
13,249 |
|
|
|
(219 |
) |
|
|
(18,181 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
DaVita HealthCare Partners Inc. for diluted earnings per share
calculation
|
|
$ |
633,446 |
|
|
$ |
536,017 |
|
|
$ |
478,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding during the period
|
|
|
212,128 |
|
|
|
192,396 |
|
|
|
189,309 |
|
|
Vested stock
units
|
|
|
5 |
|
|
|
6 |
|
|
|
7 |
|
|
Assumed incremental shares
from stock plans
|
|
|
2,631 |
|
|
|
3,540 |
|
|
|
3,748 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Weighted average shares for
diluted earnings per share calculation
|
|
|
214,764 |
|
|
|
195,942 |
|
|
|
193,064 |
|
|
|
|
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|
|
|
|
|
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Diluted income from
continuing operations per share attributable to DaVita HealthCare
Partners Inc.
|
|
$ |
2.89 |
|
|
$ |
2.74 |
|
|
$ |
2.57 |
|
|
Diluted income from
discontinued operations per share attributable to DaVita HealthCare
Partners Inc.
|
|
|
0.06 |
|
|
|
— |
|
|
|
(0.09 |
) |
|
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|
|
|
|
|
|
|
|
|
|
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Diluted net income per
share attributable to DaVita HealthCare Partners
Inc.
|
|
$ |
2.95 |
|
|
$ |
2.74 |
|
|
$ |
2.48 |
|
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|
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|
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Anti-dilutive stock-settled
awards excluded from calculation(1)
|
|
|
4,194 |
|
|
|
2,616 |
|
|
|
4,775 |
|
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| (1) |
Shares associated with
stock-settled stock appreciation rights and stock options excluded
from the diluted denominator calculation because they are
anti-dilutive under the treasury stock method. |
|