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11. Earnings Per Share

The following table provides a reconciliation between basic and diluted earnings per share for the years ended December 31, 2000, 1999 and 1998:


Millions, Except Per Share Amounts 2000 1999 1998

Income Statement Data:          
  Income (loss) from continuing operations   $ 842   $ 783   $ (633)
Income (loss) available to common shareholders from continuing operations   842   783   (633)
Gain on disposal of discontinued operations     27  

  Net income (loss) available to common shareholders – Basic   842   810   (633)
Dilutive effect of interest associated with the CPS [a]   58   58  

  Net income (loss) available to common shareholders – Diluted   $ 900   $ 868   $ (633)

Weighted – Average Number of Shares Outstanding:          
  Basic   246.5   246.6   246.0
  Dilutive effect of common stock equivalents [b]   23.0   23.2  

Diluted   269.5   269.8   246.0

Earnings Per Share – Basic:          
  Income (loss) from continuing operations   $3.42   $3.17   $(2.57)
  Income from discontinued operations     0.11  

Net income (loss)   $3.42   $3.28   $(2.57)

Earnings Per Share – Diluted: [b]          
  Income (loss) from continuing operations   $3.34   $ 3.12   $(2.57)
  Income from discontinued operations     0.10  

Net income (loss)   $3.34   $ 3.22   $(2.57)

[a] 1998 excluded the anti-dilutive impact of $44 million of interest associated with the Convertible Preferred Securities (note 7).

[b] Excluded the effect of anti-dilutive common stock equivalents related to options and Convertible Preferred Securities (note 7), which were 1.4 million and 16.3 million, respectively, at December 31, 1998.

 

10. Stock Options and Other Stock Plans | 12. Commitments and Contingencies