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Earnings Per Share | 12 Months Ended
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Sep. 30, 2011
Earnings Per Share [Abstract] |
Earnings Per Share |
(18) | Earnings Per Share
The Company follows the provisions of ASC Topic 260, “Earnings Per Share,” which requires companies with complex capital structures, such as having two (or more) classes of securities that participate in declared dividends to calculate earnings (loss) per share (“EPS”) utilizing the two-class method. As the holders of the Preferred Stock are entitled to receive dividends with common shares on an as-converted basis, the Preferred Stock has the right to participate in undistributed earnings and must therefore be considered under the two-class method. The following table sets forth the computation of basic and diluted EPS:
|  | Successor |  |  |  | Predecessor |
|  |  |  |  |  |  |  | Period from |  |  |  | Period from |
|  |  |  |  |  |  |  | August 31, 2009 |  |  |  | October 1, 2008 |
|  | Year Ended |  |  | Year Ended |  |  | through |  |  |  | through |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  |  | August 30, |
|  | 2011 |  |  | 2010 |  |  | 2009 |  |  |  | 2009 |
Income (loss) attributable to common and participating preferred stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 14,962 |  |  | $ | (149,134 | ) |  | $ | (71,193 | ) |  |  | $ | 1,100,743 |
(Loss) income from discontinued operations |  |  | — |  |  |  | (2,735 | ) |  |  | 408 |  |  |  |  | (86,802 | )
Net income (loss) |  | $ | 14,962 |  |  | $ | (151,869 | ) |  | $ | (70,785 | ) |  |  | $ | 1,013,941 |
Participating shares at end of period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common shares outstanding |  |  | 139,346 |  |  |  | 139,197 |  |  |  | 129,600 |  |  |  |  | 52,738 |
Preferred shares (as-converted basis) |  |  | 60,989 |  |  |  | — |  |  |  | — |  |  |  |  | — |
Total |  |  | 200,335 |  |  |  | 139,197 |  |  |  | 129,600 |  |  |  |  | 52,738 |
Percentage of income (loss) allocated to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common shares |  |  | 69.6 | % |  |  | 100 | % |  |  | 100 | % |  |  |  | 100 | %
Preferred shares |  |  | 30.4 | % |  |  | — |  |  |  | — |  |  |  |  | — |
Income (loss) attributable to common shares — basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 10,407 |  |  | $ | (149,134 | ) |  | $ | (71,193 | ) |  |  | $ | 1,100,743 |
(Loss) income from discontinued operations |  |  | — |  |  |  | (2,735 | ) |  |  | 408 |  |  |  |  | (86,802 | )
Net income (loss) |  | $ | 10,407 |  |  | $ | (151,869 | ) |  | $ | (70,785 | ) |  |  | $ | 1,013,941 |
Dilutive adjustments to income (loss) attributable to common shares from assumed conversion of preferred shares, net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income allocated to preferred shares in basic calculation |  | $ | 4,555 |  |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Reversal of preferred stock dividends and accretion |  |  | 19,833 |  |  |  | — |  |  |  | — |  |  |  |  | — |
Reversal of income related to fair value of preferred stock conversion feature |  |  | (27,910 | ) |  |  | — |  |  |  | — |  |  |  |  | — |
Net adjustment |  | $ | (3,522 | ) |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Income (loss) attributable to common shares — diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations |  | $ | 6,885 |  |  | $ | (149,134 | ) |  | $ | (71,193 | ) |  |  | $ | 1,100,743 |
(Loss) income from discontinued operations |  |  | — |  |  |  | (2,735 | ) |  |  | 408 |  |  |  |  | (86,802 | )
Net income (loss) |  | $ | 6,885 |  |  | $ | (151,869 | ) |  | $ | (70,785 | ) |  |  | $ | 1,013,941 |
Weighted-average common shares outstanding — basic |  |  | 139,233 |  |  |  | 132,399 |  |  |  | 129,600 |  |  |  |  | 51,306 |
Dilutive effect of preferred stock |  |  | 19,064 |  |  |  | — |  |  |  | — |  |  |  |  | — |
Dilutive effect of stock options |  |  | 87 |  |  |  | — |  |  |  | — |  |  |  |  | — |
Weighted-average shares outstanding — diluted |  |  | 158,384 |  |  |  | 132,399 |  |  |  | 129,600 |  |  |  |  | 51,306 |
Basic income (loss) per common share attributable to controlling interest: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.07 |  |  | $ | (1.13 | ) |  | $ | (0.55 | ) |  |  | $ | 21.45 |
Discontinued operations |  |  | — |  |  |  | (0.02 | ) |  |  | — |  |  |  |  | (1.69 | )
Net income (loss) |  | $ | 0.07 |  |  | $ | (1.15 | ) |  | $ | (0.55 | ) |  |  | $ | 19.76 |
Diluted income (loss) per common share attributable to controlling interest: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.04 |  |  | $ | (1.13 | ) |  | $ | (0.55 | ) |  |  | $ | 21.45 |
Discontinued operations |  |  | — |  |  |  | (0.02 | ) |  |  | — |  |  |  |  | (1.69 | )
Net income (loss) |  | $ | 0.04 |  |  | $ | (1.15 | ) |  | $ | (0.55 | ) |  |  | $ | 19.76 |
The number of common shares outstanding used in calculating the weighted average thereof for the Successor reflects: (i) for periods prior to the June 16, 2010 date of the SB/RH Merger, the number of SBI common shares outstanding multiplied by the 1:1 Spectrum Brands share exchange ratio used in the SB/RH Merger and the 4.32 HGI share exchange ratio used in the Spectrum Brands Acquisition, (ii) for the period from June 16, 2010 to the January 7, 2011 date of the Spectrum Brands Acquisition, the number of HGI common shares outstanding plus the 119,910 HGI common shares subsequently issued in connection with the Spectrum Brands Acquisition and (iii) for the period subsequent to and including January 7, 2011, the actual number of HGI common shares outstanding. The Predecessor common stock was cancelled as a result of SBI’s emergence from Chapter 11 of the Bankruptcy Code on August 28, 2009. The Successor’s common stock began trading on September 2, 2009. As such, the income (loss) per share information for the Predecessor cannot be retrospectively adjusted and is not meaningful to stockholders of HGI’s common shares, or to potential investors in such common shares.

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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=6920599&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=6945512&loc=d3e4984-109258 Reference 3: 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 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=6920599&loc=d3e1278-109256 Reference 5: 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 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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