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Note 15 - Earnings Per Share | 6 Months Ended
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Jun. 30, 2021
Earnings Per Share [Abstract] |
Earnings Per Share | NOTE 15: EARNINGS PER SHARE Basic earnings per share computations are based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share include any dilutive effect of potential common shares. In periods with a net loss available to common shareholders, diluted earnings per share are calculated using weighted-average basic shares for that period, as utilizing diluted shares would be anti-dilutive to loss per share. A reconciliation of the amounts used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2021 and 2020 follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(in millions) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net income (loss) |  | $ | 16 |  |  | $ | (5 | ) |  | $ | 22 |  |  | $ | (116 | )
Less: Series B preferred stock cash and deemed dividends |  |  | (1 | ) |  |  | — |  |  |  | (2 | ) |  |  | — |
Less: Series C preferred stock in-kind and deemed dividends |  |  | (2 | ) |  |  | — |  |  |  | (2 | ) |  |  | — |
Less: Series A preferred stock cash and deemed dividends |  |  | — |  |  |  | (5 | ) |  |  | (3 | ) |  |  | (10 | )
Plus: Expiration of Series A preferred stock embedded derivative |  |  | — |  |  |  | — |  |  |  | 11 |  |  |  | — |
Net income (loss) available to common shareholders - basic |  | $ | 13 |  |  | $ | (10 | ) |  | $ | 26 |  |  | $ | (126 | )
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Add back: Series B preferred stock cash and deemed dividends |  | $ | 1 |  |  | $ | — |  |  | $ | 2 |  |  |  | — |
Add back: Series C preferred stock cash and deemed dividends |  |  | 2 |  |  |  | — |  |  |  | 2 |  |  |  | — |
Net income (loss) available to common shareholders - diluted |  | $ | 16 |  |  | $ | (10 | ) |  | $ | 30 |  |  | $ | (126 | )
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
(in millions of shares) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Weighted average shares — basic |  |  | 78.5 |  |  |  | 43.7 |  |  |  | 78.2 |  |  |  | 43.7 |
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Series B preferred stock |  |  | 9.5 |  |  |  | — |  |  |  | 6.5 |  |  |  | — |
Series C preferred stock |  |  | 10.0 |  |  |  | — |  |  |  | 6.4 |  |  |  | — |
Employee stock options |  |  | 2.0 |  |  |  | — |  |  |  | 2.2 |  |  |  | — |
Unvested restricted stock units |  |  | 0.6 |  |  |  | — |  |  |  | 0.6 |  |  |  | — |
Weighted average shares — diluted |  |  | 100.6 |  |  |  | 43.7 |  |  |  | 93.9 |  |  |  | 43.7 |
The computation of diluted earnings per share for the three and six months ended June 30, 2021 excluded the impact of (1) the assumed conversion of $25 million of Convertible Notes issued in 2021, (2) the assumed exercise of 3.2 million of outstanding employee stock options in both periods and (3) the assumed vesting of 0.3 million unvested restricted stock units in both periods because the effects would have been anti-dilutive. As a result of the net loss available to common shareholders for the three and six months ended June 30, 2020, Kodak calculated diluted earnings per share using weighted-average basic shares outstanding. If Kodak reported income available to common shareholders for the three and six months ended June 30, 2020 the calculation of diluted earnings per share for both periods would have included the assumed vesting of 0.5 million unvested restricted stock units. The computation of diluted earnings per share for the three and six months ended June 30, 2020 also excluded the impact of (1) the assumed conversion of 2.0 million shares of Series A Preferred Stock, (2) the assumed exercise of 7.1 million outstanding employee stock options in both periods and (3) the assumed conversion of $100 million of Convertible Notes issued in 2019 because the effects would have been anti-dilutive.

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