| 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:
|
|
|
Year ended December 31, |
|
|
|
|
2014 |
|
|
2013 |
|
|
2012 |
|
|
|
|
(shares in thousands) |
|
|
Basic: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations attributable to DaVita HealthCare
Partners Inc. |
|
$ |
723,114 |
|
|
$ |
620,197 |
|
|
$ |
536,236 |
|
|
Discontinued operations attributable to DaVita HealthCare Partners Inc. |
|
|
— |
|
|
|
13,249 |
|
|
|
(219 |
) |
|
Net income attributable to DaVita HealthCare Partners Inc. for basic
earnings per share calculation |
|
$ |
723,114 |
|
|
$ |
633,446 |
|
|
$ |
536,017 |
|
|
Weighted average shares outstanding during the period |
|
|
214,496 |
|
|
|
212,128 |
|
|
|
192,396 |
|
|
Vested stock units |
|
|
— |
|
|
|
5 |
|
|
|
6 |
|
|
Contingently returnable shares held in escrow for the DaVita HealthCare
Partners merger |
|
|
(2,194 |
) |
|
|
(2,194 |
) |
|
|
(366 |
) |
|
Weighted average shares for basic earnings per share calculation |
|
|
212,302 |
|
|
|
209,939 |
|
|
|
192,036 |
|
|
Basic income from continuing operations per share attributable to
DaVita HealthCare Partners Inc. |
|
$ |
3.41 |
|
|
$ |
2.95 |
|
|
$ |
2.79 |
|
|
Basic income from discontinued operations per share attributable
to DaVita HealthCare Partners Inc. |
|
|
— |
|
|
|
0.07 |
|
|
|
— |
|
|
Basic net income per share attributable to DaVita HealthCare
Partners Inc. |
|
$ |
3.41 |
|
|
$ |
3.02 |
|
|
$ |
2.79 |
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations attributable to DaVita
HealthCare Partners Inc. |
|
$ |
723,114 |
|
|
$ |
620,197 |
|
|
$ |
536,236 |
|
|
Discontinued operations attributable to DaVita HealthCare Partners Inc. |
|
|
— |
|
|
|
13,249 |
|
|
|
(219 |
) |
|
Net income attributable to DaVita HealthCare Partners Inc. for
diluted earnings per share calculation |
|
$ |
723,114 |
|
|
$ |
633,446 |
|
|
$ |
536,017 |
|
|
Weighted average shares outstanding during the period |
|
|
214,496 |
|
|
|
212,128 |
|
|
|
192,396 |
|
|
Vested stock units |
|
|
— |
|
|
|
5 |
|
|
|
6 |
|
|
Assumed incremental shares from stock plans |
|
|
2,432 |
|
|
|
2,631 |
|
|
|
3,540 |
|
|
Weighted average shares for diluted earnings per share calculation |
|
|
216,928 |
|
|
|
214,764 |
|
|
|
195,942 |
|
|
Diluted income from continuing operations per share attributable
to DaVita HealthCare Partners Inc. |
|
$ |
3.33 |
|
|
$ |
2.89 |
|
|
$ |
2.74 |
|
|
Diluted income from discontinued operations per share attributable to
DaVita HealthCare Partners Inc. |
|
|
— |
|
|
|
0.06 |
|
|
|
— |
|
|
Diluted net income per share attributable to DaVita HealthCare
Partners Inc. |
|
$ |
3.33 |
|
|
$ |
2.95 |
|
|
$ |
2.74 |
|
|
Anti-dilutive stock-settled awards excluded from calculation(1) |
|
|
1,715 |
|
|
|
4,194 |
|
|
|
2,616 |
|
|
(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. | |