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Note 21 - Earnings Per Share

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE 21: EARNINGS PER SHARE

Basic earnings per share are calculated using the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share calculations include any dilutive effect of potential common shares. In periods with a net loss from continuing operations, 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 years ended December 31, 2023, 2022 and 2021 follows:

		*Year Ended December 31,*
(in millions)		*2023*				*2022*				*2021*
Net income attributable to Eastman Kodak Company		$	75			$	26			$	24
Less: Preferred Stock cash and accrued dividends			(4	)			(4	)			(4	)
Less: Preferred Stock in-kind dividends			(5	)			(5	)			(4	)
Less: Preferred Stock deemed dividends			(2	)			(2	)			(3	)
Plus: Expiration of Series A embedded derivative			—				—				11
Less: Earnings attributable to Series C Preferred shareholders			(8	)			(2	)			(2	)
Net income available to common shareholders - basic		$	56			$	13			$	22

Effect of dilutive securities:
Add back: Series B preferred stock cash and deemed dividends		$	5			$	—			$	—
Net earnings available to common shareholders - diluted		$	61			$	13			$	22

		*Year Ended December 31,*
		*2023*				*2022*				*2021*
Weighted-average common shares outstanding - basic			79.4				78.9				78.4
Effect of dilutive securities:
Unvested restricted stock units and awards			0.9				0.6				0.1
Stock options			0.7				1.1				2.0
Series B Preferred Stock			9.5				—				—
Weighted-average common shares outstanding - diluted			90.5				80.6				80.5

The computation of diluted earnings per share for the year ended December 31, 2023 excluded the impact of (1) the assumed conversion of 1.1 million shares of Series C Preferred Stock and (2) the assumed exercise of 3.9 million outstanding employee stock options in each case because they would have been anti-dilutive.

The computation of diluted earnings per share for the year ended December 31, 2022 and 2021 excluded the impact of (1) the assumed conversion of $25 million of Convertible Notes, (2) the assumed conversion of 1.0 million shares of Series B Preferred Stock, (3) the assumed conversion of 1.1 million and 1.0 million, respectively, shares of Series C Preferred Stock and (4) the assumed exercise of 3.3 million and 2.9 million, respectively, outstanding employee stock options in each case because they would have been anti-dilutive.