2014 Financial Statement
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EDC <strong>2014</strong> Performance Report<br />
Any taxpayer who is required but fails to file the quarterly ITR for the first quarter shall be<br />
considered as having availed of the itemized deductions option for the taxable year.<br />
For <strong>2014</strong>, 2013 and 2012, the Company computed its income tax based on itemized<br />
deductions for its income subject to either 10% or 30% income tax rate.<br />
h.<br />
FG Hydro, EBWPC and BGI does not recognize deferred tax assets and deferred tax liabilities<br />
on temporary differences that are expected to reverse during ITH period.<br />
29.<br />
Basic/Diluted Earnings Per Share<br />
The basic/diluted earnings per share amounts were computed as follows:<br />
<strong>2014</strong> 2013 2012<br />
Net income attributable to equity<br />
holders of the Parent Company ₱11,681,155,539 ₱4,739,577,464 ₱9,002,361,919<br />
Less dividends on preferred shares<br />
(Note 19) 7,500,000 7,500,000 7,500,000<br />
(a) Net income attributable to common<br />
shareholders of the<br />
Parent Company 11,673,655,539 4,732,077,464 8,994,861,919<br />
(b) Less net income from<br />
discontinued operations<br />
attributable to equity holders<br />
of the Parent Company – – 97,495,445<br />
(c) Net income from continuing<br />
operations attributable to<br />
common shareholders<br />
of the Parent Company 11,673,655,539 4,732,077,464 8,897,366,474<br />
(d) Weighted average number<br />
of common shares outstanding 18,750,000,000 18,750,000,000 18,750,000,000<br />
Basic/diluted earnings per share (a/d) ₱0.623 ₱0.252 ₱0.480<br />
From continuing operations (c/d) 0.623 0.252 0.475<br />
From discontinued operations (b/d) – – 0.005<br />
The Parent Company does not have dilutive common share equivalents.<br />
30.<br />
Share-Based Payment<br />
On January 23, 2009, the BOD of the Parent Company approved the ESGP. The ESGP is an<br />
integral part of the Parent Company’s total rewards program for its officers and employees and is<br />
intended to provide an opportunity for participants to have real and personal direct interest in the<br />
Parent Company.<br />
On December 1, 2009, the Nomination and Compensation Committee (the Committee) granted<br />
7,000,000 shares representing the Parent Company common shares authorized under the ESGP<br />
which were transferred to the BDO Trust. These shares were part of the 93,000,000 common<br />
shares issued to the BDO Trust and recorded under “Common shares in employee trust account”.<br />
BDO Trust will administer the issuance of the common shares to the employee grantees under the<br />
Parent Company’s ESGP (see Note 19).<br />
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