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Net Income (Loss) Per Share (Tables) | 12 Months Ended
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Dec. 31, 2012
Net Income Per Share |
Schedule of Net Income Per Share |
|  | Years Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
|  | (in millions) |
Numerator: |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | (1,200.6 | ) |  | $ | (491.1 | ) |  | $ | 7.5 |
Net interest expense on convertible notes and convertible preferred stock dividends (a) |  | (b) |  |  | (b) |  |  |  | - |
Net income (loss) if-converted |  | $ | (1,200.6 | ) |  | $ | (491.1 | ) |  | $ | 7.5 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted average common shares |  |  | 124.1 |  |  |  | 122.5 |  |  |  | 114.7 |
Less: Weighted average unvested restricted stock |  |  | 2.1 |  |  |  | 1.7 |  |  |  | 1.9 |
Denominator for basic calculation |  |  | 122.0 |  |  |  | 120.8 |  |  |  | 112.8 |
Weighted average effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Stock compensation awards |  |  | - |  |  |  | 0.1 |  |  |  | 0.5 |
Convertible notes |  |  | 44.3 |  |  |  | 44.5 |  |  |  | 48.1 |
Convertible preferred stock: |  |  |  |  |  |  |  |  |  |  |  |
Equivalent common shares (c) |  |  | 102.7 |  |  |  |  |  |  |  |  |
Less: share issuance limitation (d) |  |  | 79.9 |  |  |  |  |  |  |  |  |
Net allowable common shares |  |  | 22.8 |  |  |  | 19.2 |  |  |  | 5.2 |
Subtotal |  |  | 67.1 |  |  |  | 63.8 |  |  |  | 53.8 |
Less: shares excluded in a period of a net loss or antidilution |  |  | 67.1 |  |  |  | 63.8 |  |  |  | - |
Weighted average effect of dilutive securities |  |  | - |  |  |  | - |  |  |  | 53.8 |
Denominator for diluted calculation |  |  | 122.0 |  |  |  | 120.8 |  |  |  | 166.6 |
Net income (loss) per share – basic |  | $ | (9.84 | ) |  | $ | (4.07 | ) |  | $ | .07 |
Net income (loss) per share – diluted |  | $ | (9.84 | ) |  | $ | (4.07 | ) |  | $ | .05 |
(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) 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 $19.3 million in 2012 and $4.7 million in 2011. |
(c) 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 as determined at the beginning of the period. |
(d) 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 USEC's 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. |
Schedule of Securities Excluded From Earnings Per Share |
| Years Ended December 31,
| 2012 | 2011 | 2010
Options excluded from diluted net income per share | 2.5 | 3.1 | 2.5
Warrants excluded from diluted net income per share | 6.3 | 6.3 | 2.1
Exercise price of excluded options | $3.72 to | $3.72 to | $5.18 to
| $14.28 | $14.28 | $14.28
Exercise price of excluded warrants | $7.50 | $7.50 | $7.50

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