| Earnings Attributable to ҹѰ Stockholders Per Common Share |
(4)Earnings Attributable to ҹѰ Stockholders Per Common Share
Basic earnings (loss) per common share ("EPS") is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding (“WASO”) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented, including any necessary adjustments to earnings (loss) attributable to shareholders.
As discussed in note 2, on April 15, 2016, the Company completed a recapitalization of its common stock into three new tracking stock groups, one designated as the ҹѰ SiriusXM common stock, one designated as the ҹѰ Braves common stock and one designated as the ҹѰ Media common stock. The operating results prior to the Recapitalization are attributed to ҹѰ stockholders in the aggregate, and the operating results subsequent to the Recapitalization are attributed to the respective tracking stock groups.
Excluded from diluted EPS for the period subsequent to the Recapitalization through June 30, 2016 are approximately 21 million potentially dilutive shares of Series A ҹѰ SiriusXM common stock, 2 million potentially dilutive shares of Series A ҹѰ Braves common stock and 5 million potentially dilutive shares of Series A ҹѰ Media common stock, primarily due to warrants issued in connection with the Bond Hedge Transaction (note 9), because their inclusion would be antidilutive. The Amended Warrant Transactions (note 9) may have a dilutive effect with respect to the shares comprising the Securities Basket underlying the warrants to the extent that the settlement price exceeds the strike price of the warrants, and the warrants are settled in shares comprising such Securities Basket. The warrants and any potential future settlement have been attributed to the ҹѰ Media Group.
SeriesA, SeriesB and Series C ҹѰ Common Stock
The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ҹѰMedia Corporation CommonStock
|
|
|
|
|
April 1, 2016
|
|
Threemonths
|
|
January 1, 2016
|
|
Six months
|
|
|
|
|
through
|
|
ended
|
|
through
|
|
ended
|
|
|
|
|
April 15, 2016
|
|
June 30, 2015
|
|
April 15, 2016
|
|
June 30, 2015
|
|
|
|
|
numbersofsharesinmillions
|
|
|
Basic WASO
|
|
335
|
|
339
|
|
335
|
|
340
|
|
|
Potentially dilutive shares
|
|
2
|
|
3
|
|
2
|
|
3
|
|
|
Diluted WASO
|
|
337
|
|
342
|
|
337
|
|
343
|
|
Excluded from diluted EPS for the period ended April 15, 2016 are 23 million potential common shares, primarily due to warrants issued in connection with the Bond Hedge Transaction (note 9),because their inclusion would be antidilutive.
SeriesA, SeriesB and Series C ҹѰ SiriusXM Common Stock
The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ҹѰSiriusXM CommonStock
|
|
|
|
|
April 15, 2016
|
|
Threemonths
|
|
April 15, 2016
|
|
Six months
|
|
|
|
|
through
|
|
ended
|
|
through
|
|
ended
|
|
|
|
|
June 30, 2016
|
|
June 30, 2015
|
|
June 30, 2016
|
|
June 30, 2015
|
|
|
|
|
numbersofsharesinmillions
|
|
|
Basic WASO
|
|
335
|
|
NA
|
|
335
|
|
NA
|
|
|
Potentially dilutive shares
|
|
2
|
|
NA
|
|
2
|
|
NA
|
|
|
Diluted WASO
|
|
337
|
|
NA
|
|
337
|
|
NA
|
|
SeriesA, SeriesB and Series C ҹѰ Braves Common Stock
The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ҹѰBraves CommonStock
|
|
|
|
|
April 15, 2016
|
|
Threemonths
|
|
April 15, 2016
|
|
Six months
|
|
|
|
|
through
|
|
ended
|
|
through
|
|
ended
|
|
|
|
|
June 30, 2016 (a)(b)
|
|
June 30, 2015
|
|
June 30, 2016 (a)(b)
|
|
June 30, 2015
|
|
|
|
|
numbersofsharesinmillions
|
|
|
Basic WASO
|
|
36
|
|
NA
|
|
36
|
|
NA
|
|
|
Potentially dilutive shares
|
|
9
|
|
NA
|
|
9
|
|
NA
|
|
|
Diluted WASO
|
|
45
|
|
NA
|
|
45
|
|
NA
|
|
|
(a)
|
|
As discussed in note 2, subsequent to the Recapitalization, ҹѰ distributed subscription rights to holders of ҹѰ Braves common stock, which were priced at a discount to the market value, to acquire additional shares of ҹѰ Braves common stock. The rights offering, because of the discount, isconsidered a stock dividend which requires retroactive treatment for prior periods for the weighted average sharesoutstanding.
|
|
(b)
|
|
As discussed in note 2, following the Recapitalization and SeriesC ҹѰ Braves common stock rights offering, the number of notional shares representing the ҹѰ Media Group’s intergroup interest in the ҹѰ Braves Group was adjusted to 9,084,940 shares. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the ҹѰ Media Group has an attributed value in the ҹѰ Braves Group which is generally stated in terms of a number of shares of stock issuable to the ҹѰ Media Group with respect to its interest in the ҹѰ Braves Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C ҹѰ Braves common stock. However, ҹѰ has assumed that the notional shares (if and when issued) would be comprised of Series C ҹѰ Braves common stock in order to not dilute voting percentages. Therefore, the market price of Series C ҹѰ Braves common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest have no impact on the basic earnings per share weighted average number of shares outstanding. However, the notional shares representing the intergroup interest are included in the diluted earnings per share WASO as if the shares had been issued and outstanding during the period. An adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 15, 2016
|
|
Threemonths
|
|
April 15, 2016
|
|
Six months
|
|
|
|
|
through
|
|
ended
|
|
through
|
|
ended
|
|
|
|
|
June 30, 2016
|
|
June 30, 2015
|
|
June 30, 2016
|
|
June 30, 2015
|
|
|
|
$
|
amountsinmillions
|
|
|
Basic earnings (loss) attributable to ҹѰ Braves shareholders
|
|
32
|
|
NA
|
|
32
|
|
NA
|
|
|
Unrealized (gain) loss on the intergroup interest
|
|
(27)
|
|
NA
|
|
(27)
|
|
NA
|
|
|
Diluted earnings (loss) attributable to ҹѰ Braves shareholders
|
$
|
5
|
|
NA
|
|
5
|
|
NA
|
|
SeriesA, SeriesB and Series C ҹѰ Media Common Stock
The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ҹѰMedia CommonStock
|
|
|
|
|
April 15, 2016
|
|
Threemonths
|
|
April 15, 2016
|
|
Six months
|
|
|
|
|
through
|
|
ended
|
|
through
|
|
ended
|
|
|
|
|
June 30, 2016
|
|
June 30, 2015
|
|
June 30, 2016
|
|
June 30, 2015
|
|
|
|
|
numbersofsharesinmillions
|
|
|
Basic WASO
|
|
83
|
|
NA
|
|
83
|
|
NA
|
|
|
Potentially dilutive shares
|
|
1
|
|
NA
|
|
1
|
|
NA
|
|
|
Diluted WASO
|
|
84
|
|
NA
|
|
84
|
|
NA
|
|
|