XML 147 R20.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Net Income Per Share | 6 Months Ended
--- | ---
Jun. 30, 2013
Earnings Per Share [Abstract] |
Net Income (Loss) Per Share | 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 and convertible preferred stock dividends, 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. On July 1, 2013, USEC effectuated a reverse stock split of 1-for-25 shares in order to regain compliance with the NYSE continued listing criteria related to minimum share price. When changes in common stock resulting from a reverse stock split occur after the close of the periods but before the financial statements are issued or are available to be issued, the per-share computations for those and any prior period financial statements are based on the new number of shares. Net income (loss) per share was adjusted for all periods presented to reflect the change in the number of shares.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
| (millions)
Numerators: |  |  |  |  |  |  |
Net (loss) from continuing operations | $ | (40.9 | ) |  | $ | (92.1 | ) |  | $ | (64.6 | ) |  | $ | (121.4 | )
Net income from discontinued operations | — |  |  | 0.1 |  |  | 21.7 |  |  | 0.6 |
Net (loss) | $ | (40.9 | ) |  | $ | (92.0 | ) |  | $ | (42.9 | ) |  | $ | (120.8 | )
Numerators for diluted calculations (a): |  |  |  |  |  |  |  |  |
Net (loss) from continuing operations | $ | (40.9 | ) |  | $ | (92.1 | ) |  | $ | (64.6 | ) |  | $ | (121.4 | )
Net income from discontinued operations | — |  |  | 0.1 |  |  | 21.7 |  |  | 0.6 |
Net (loss) | $ | (40.9 | ) |  | $ | (92.0 | ) |  | $ | (42.9 | ) |  | $ | (120.8 | )
Denominator: |  |  |  |  |  |  |  |  |
Weighted average common shares | 5.0 |  |  | 5.0 |  |  | 5.0 |  |  | 5.0 |
Less: Weighted average unvested restricted stock | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | 0.1 |
Denominator for basic calculation | 4.9 |  |  | 4.9 |  |  | 4.9 |  |  | 4.9 |
Weighted average effect of dilutive securities: |  |  |  |  |  |  |  |  |
Convertible notes | 1.8 |  |  | 1.8 |  |  | 1.8 |  |  | 1.8 |
Convertible preferred stock: |  |  |  |  |  |  |  |  |
Equivalent common shares (b) | 10.0 |  |  | 3.1 |  |  | 8.9 |  |  | 3.0 |
Less: share issuance limitation (c) | 9.1 |  |  | 2.2 |  |  | 8.0 |  |  | 2.1 |
Net allowable common shares | 0.9 |  |  | 0.9 |  |  | 0.9 |  |  | 0.9 |
Subtotal | 2.7 |  |  | 2.7 |  |  | 2.7 |  |  | 2.7 |
Less: shares excluded in a period of a net loss or antidilution | 2.7 |  |  | 2.7 |  |  | 2.7 |  |  | 2.7 |
Weighted average effect of dilutive securities | — |  |  | — |  |  | — |  |  | — |
Denominator for diluted calculation | 4.9 |  |  | 4.9 |  |  | 4.9 |  |  | 4.9 |
Net (loss) per share from continuing operations – basic and diluted | $ | (8.35 | ) |  | $ | (18.80 | ) |  | $ | (13.18 | ) |  | $ | (24.78 | )
Net income per share from discontinued operations – basic and diluted | $ | — |  |  | $ | 0.02 |  |  | $ | 4.43 |  |  | $ | 0.12 |
Net (loss) per share – basic and diluted | $ | (8.35 | ) |  | $ | (18.78 | ) |  | $ | (8.76 | ) |  | $ | (24.65 | )
(a) | The numerators are subject to increase for interest expense on convertible notes and convertible preferred stock dividends, net of tax, of $5.1 million in the three months ended June 30, 2013 and $10.0 million in the six months ended June 30, 2013. The tax rate is the statutory rate. Net interest expense on convertible notes and convertible preferred stock dividends was $4.8 million in the three months ended June 30, 2012 and $9.5 million in the six months ended June 30, 2012.
However, no dilutive effect is recognized in a period in which a net loss has occurred. In addition, for purposes of calculating income from discontinued operations per share, the calculation of (loss) from continuing operations per share provides a control number in determining whether potential common shares are dilutive or antidilutive. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss (discontinued operations and net income/loss), regardless of their antidilutive effect on such categories. Therefore, no dilutive effect is recognized in the calculation of income from discontinued operations per share.
(b) | 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.
(c) | 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 0.9 million shares adjusted to take into account the 1-for-25 reverse stock split), 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:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Options excluded from diluted net income per share | 2,000 |  |  |  | 116,000 |  |  |  | 2,000 |  |  |  | 116,000 |  |
Warrants excluded from diluted net income per share | 250,000 |  |  |  | 250,000 |  |  |  | 250,000 |  |  |  | 250,000 |  |
Exercise price of excluded options | $ | 177.50 |  | to |  | $ | 93.00 |  | to |  | $ | 177.50 |  | to |  | $ | 93.00 |  | to
| $ | 357.00 |  |  |  | $ | 357.00 |  |  |  | $ | 357.00 |  |  |  | $ | 357.00 |  |
Exercise price of excluded warrants | $ | 187.50 |  |  |  | $ | 187.50 |  |  |  | $ | 187.50 |  |  |  | $ | 187.50 |  |

X
- 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 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: 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 3: 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 Reference 4: 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 5: 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 6: 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 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration