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Net Income Per Share | 9 Months Ended
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Sep. 30, 2012
Net Income Per Share |
Net Income (Loss) Per Share | 10. NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period, excluding any unvested restricted stock. In calculating diluted net income per share, the numerator is increased by interest expense on the convertible notes, net of amount capitalized and net of tax, and the denominator is increased by the weighted average number of shares resulting from potentially dilutive securities, assuming full conversion, consisting of stock compensation awards, convertible notes, convertible preferred stock and warrants. No dilutive effect is recognized in a period in which a net loss has occurred or in which the assumed conversion effect of convertible securities is antidilutive.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
|  | (millions) |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 4.5 |  |  | $ | (6.9 | ) |  | $ | (116.3 | ) |  | $ | (44.7 | )
Net interest expense on convertible notes and convertible preferred stock dividends (a) |  | (b) |  |  | (c) |  |  | (c) |  |  | (c) |
Net income (loss) if-converted |  | $ | 4.5 |  |  | $ | (6.9 | ) |  | $ | (116.3 | ) |  | $ | (44.7 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 125.2 |  |  |  | 123.0 |  |  |  | 124.2 |  |  |  | 122.4 |
Less: Weighted average unvested restricted stock |  |  | 2.6 |  |  |  | 1.7 |  |  |  | 2.0 |  |  |  | 1.7 |
Denominator for basic calculation |  |  | 122.6 |  |  |  | 121.3 |  |  |  | 122.2 |  |  |  | 120.7 |
Weighted average effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock compensation awards |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2.1 |
Convertible notes |  |  | 44.3 |  |  |  | 44.3 |  |  |  | 44.3 |  |  |  | 44.5 |
Convertible preferred stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equivalent common shares (d) |  |  | 107.9 |  |  |  | 25.2 |  |  |  | 86.7 |  |  |  | 18.7 |
Less: share issuance limitation (e) |  |  | 85.1 |  |  |  | 2.4 |  |  |  | 63.9 |  |  |  | 0.8 |
Net allowable common shares |  |  | 22.8 |  |  |  | 22.8 |  |  |  | 22.8 |  |  |  | 17.9 |
Subtotal |  |  | 67.1 |  |  |  | 67.1 |  |  |  | 67.1 |  |  |  | 64.5 |
Less: shares excluded in a period of a net loss or antidilution |  |  | 67.1 |  |  |  | 67.1 |  |  |  | 67.1 |  |  |  | 64.5 |
Weighted average effect of dilutive securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Denominator for diluted calculation |  |  | 122.6 |  |  |  | 121.3 |  |  |  | 122.2 |  |  |  | 120.7 |
Net income (loss) per share – basic |  | $ | .04 |  |  | $ | (.06 | ) |  | $ | (.95 | ) |  | $ | (.37 | )
Net income (loss) per share – diluted |  | $ | .04 |  |  | $ | (.06 | ) |  | $ | (.95 | ) |  | $ | (.37 | )
(a) | Interest expense on convertible notes and convertible preferred stock dividends net of amount capitalized and net of tax. The total recognized tax benefit is reported at the federal statutory rate net of the tax valuation allowance in 2012. See note (c) below.
(b) | Conversion of the convertible securities is not assumed if the effect is antidilutive. Net interest expense on convertible notes and convertible preferred stock dividends was $4.9 million in the three months ended September 30, 2012.
(c) | No dilutive effect is recognized in a period in which a net loss has occurred. Net interest expense on convertible notes and convertible preferred stock dividends was $14.4 million in the nine months ended September 30, 2012. There was no net interest expense in the three and nine months ended September 30, 2011.
(d) | The number of equivalent common shares for the convertible preferred stock is based on the arithmetic average of the daily volume weighted average prices per share of common stock for each of the last 20 trading days, and is determined as of the beginning of the period for purposes of calculating diluted net income per share.
(e) | Prior to obtaining shareholder approval, the preferred stock may not be converted into an aggregate number of shares of common stock in excess of 19.99% of the shares of our common stock outstanding on May 25, 2010 (approximately 22.8 million shares), in compliance with the rules of the New York Stock Exchange. If a share issuance limitation were to exist at the time of share conversion or sale, any preferred stock shares subject to the share issuance limitation would be subject to optional or mandatory redemption for, at USEC's option, cash or SWU consideration. However, USEC's ability to redeem may be limited by Delaware law, and if not limited may result in mandatory prepayment of USEC's credit facility.
Options and warrants to purchase shares of common stock having an exercise price greater than the average share market price are excluded from the calculation of diluted net income per share (options and warrants in millions):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Options excluded from diluted net income per share |  |  | 2.8 |  |  |  | 3.1 |  |  |  | 2.8 |  |  |  | 3.1 |
Warrants excluded from diluted net income per share |  |  | 6.3 |  |  |  | 6.3 |  |  |  | 6.3 |  |  |  | 6.3 |
Exercise price of excluded options |  |  | $3.72 to |  |  |  | $3.72 to |  |  |  | $3.72 to |  |  |  | $3.72 to |
|  |  | $14.28 |  |  |  | $14.28 |  |  |  | $14.28 |  |  |  | $14.28 |
Exercise price of excluded warrants |  |  | $7.50 |  |  |  | $7.50 |  |  |  | $7.50 |  |  |  | $7.50 |

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- 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 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 2: 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=16381557&loc=d3e4984-109258 Reference 3: 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 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: 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=6880815&loc=d3e20235-122688 + Details
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