7.3 billion - Citigroup

9. EARNINGS PER SHAREThe following is a reconciliation of the income and share data used in the basic and diluted earnings per share (EPS) computations forthe three months ended March 31:In millions, except per-share amounts 2012 2011 (1)Income from continuing operations before attribution of noncontrolling interests $3,062 $3,031Less: Noncontrolling interests from continuing operations 126 72Net income from continuing operations (for EPS purposes) $2,936 $2,959Income (loss) from discontinued operations, net of taxes (5) 40Citigroup’s net income $2,931 $2,999Less: Preferred dividends 4 4Net income available to common shareholders $2,927 $2,995Less: Dividends and undistributed earnings allocated to employee restricted and deferred shares withnonforfeitable rights to dividends, applicable to basic EPS 54 35Net income allocated to common shareholders for basic EPS $2,873 $2,960Add: Interest expense, net of tax, on convertible securities and adjustment of undistributed earningsallocated to employee restricted and deferred shares with nonforfeitable rights to dividends,applicable to diluted EPS 4 1Net income allocated to common shareholders for diluted EPS $2,877 $2,961Weighted-average common shares outstanding applicable to basic EPS 2,926.2 2,904.4Effect of dilutive securitiesTDECs 87.7 87.6Options — 2.5Other employee plans 0.5 2.0Convertible securities 0.1 0.1Adjusted weighted-average common shares outstanding applicable to diluted EPS 3,014.5 2,996.6Basic earnings per shareIncome from continuing operations $ 0.98 $ 1.01Discontinued operations — 0.01Net income $ 0.98 $ 1.02Diluted earnings per share (2)Income from continuing operations $ 0.96 $ 0.97Discontinued operations — 0.01Net income $ 0.95 $ 0.99(1) All per-share amounts and Citigroup shares outstanding for all periods reflect Citigroup‘s 1-for-10 reverse stock split, which was effective May 6, 2011.(2) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.During the first quarters of 2012 and 2011, weightedaverageoptions to purchase 36.6 million and 9.7 million sharesof common stock, respectively, were outstanding but notincluded in the computation of earnings per share, because theweighted-average exercise prices of $60.68 and $192.03,respectively, were greater than the average market price of theCompany‘s common stock.Warrants issued to the U.S. Treasury as part of the TroubledAsset Relief Program (TARP) and the loss-sharing agreement(all of which were subsequently sold to the public in January2011), with an exercise price of $178.50 and $106.10 forapproximately 21.0 million and 25.5 million shares of commonstock, respectively, were not included in the computation ofearnings per share in the first quarters of 2012 and 2011,because they were anti-dilutive.The final tranche of equity units held by the Abu DhabiInvestment Authority (ADIA) converted into 5.9 million sharesof Citigroup common stock during the third quarter of 2011.Equity units held by ADIA of approximately 8.8 million shareswere not included in the computation of earnings per share inthe first quarter of 2011 because the exercise price of $318.30was greater than the average market price of the Company‘scommon stock.104CITIGROUP – 2012 FIRST QUARTER 10-Q