Half Year Report 2012

Adecco Group –
Notes to consolidated financial statements (unaudited)
in millions, except share and per share information

Note 10 – Earnings per share

The following table sets forth the computation of basic and diluted earnings per share for the six months ended June 30, 2012 and June 30, 2011:

 

2012

2011

in EUR (except number of shares)

Basic

Diluted

Basic

Diluted

 

 

 

 

 

Numerator

 

 

 

 

Net income attributable to Adecco shareholders

224

224

241

241

Net income available for earnings per share calculation

224

224

241

241

 

 

 

 

 

Denominator

 

 

 

 

Weighted-average outstanding shares

170,512,725

170,512,725

173,697,598

173,697,598

Weighted-average shares deliverable under prepaid forward

18,633,923

18,633,923

18,166,855

18,166,855

Weighted-average shares

  189,146,648

  189,146,648

  191,864,453

  191,864,453

Incremental shares for assumed conversions:

 

 

 

 

• Employee stock-based compensation

 

103,006

 

125,146

Total average equivalent shares

 189,146,648

189,249,654

191,864,453

191,989,599

 

 

 

 

 

Per share amounts

 

 

 

 

Net earnings per share

1.19

1.19

1.26

1.26

The weighted-average shares include 18,633,923 and 18,166,855 shares as of June 30, 2012 and June 30, 2011, respectively deliverable under the prepaid forward with Adecco Investment. The exercise price of the prepaid forward has been reduced proportionally for each dividend distribution to common shareholders, as described in Note 1, which represents participation rights of the prepaid forward.

Stock options of 102,040 as of June 30, 2012 and 397,501 as of June 30, 2011 were excluded from the computation of diluted net income per share as the effect would have been anti-dilutive.