Notes to Consolidated Financial Statements
Note 3: Earnings Per Common Share
Earnings per common share (EPS) amounts are calculated based on the provisions of SFAS No. 128, "Earnings Per Share." Common shares for all periods reflect the impact of the May 6, 1998 2-for-1 stock split.
(In thousands)
Year ended December 31
1998
1997
1996
Basic
Net income, as reported
$89,348
$929,292
$732,702
Preferred stock dividends,
net of taxes
(8,504)
(10,304)
(28,893)
Premium on preferred
shares redeemed
(4,282)
(4,441)
(1,033)
Net income available to common shareholders
$76,562
$914,547
$702,776
Diluted
Net income available to
common shareholders
$76,562
$914,547
$702,776
Effect of dilutive securities:
Convertible preferred stock
-
5,998
9,478
Zero coupon convertible notes
-
3,143
5,133
Convertible monthly income
preferred securities
-
8,073
8,073
Net income available to common shareholders
$76,562
$931,761
$725,460
Common Shares
Basic
Weighted average common shares outstanding
235,360
230,158
233,340
Diluted
Weighted average common shares outstanding
235,360
230,158
233,340
Effect of dilutive securities:
Stock options
3,322
4,399
3,089
Convertible preferred stock
-
7,788
9,152
Zero coupon convertible notes
-
2,923
3,263
Convertible monthly income
preferred securities
-
7,017
7,017
Total
238,682
252,285
255,861
The assumed conversion of preferred stock, zero coupon notes and monthly income preferred securities are each anti-dilutive to The St. Paul's net income per share for the year ended Dec. 31, 1998, and are therefore not included in the EPS calculation.