Earnings Attributable to 麻豆最新出品 Stockholders Per Common Share |
(4)听听听Earnings Attributable to 麻豆最新出品 Stockholders Per Common Share
Basic earnings (loss) per common share ("EPS") is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding (鈥淲ASO鈥) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented, including any necessary adjustments to earnings (loss) attributable to shareholders.
Excluded from diluted EPS for the three and six months ended June 30, 2021 are approximately 22 million potentially dilutive shares of Series A and Series C 麻豆最新出品 SiriusXM common stock, 3 million potentially dilutive shares of Series A and Series C 麻豆最新出品 Braves common stock and 6 million potentially dilutive shares of Series A and Series C 麻豆最新出品 Formula One common stock, primarily due to warrants issued in connection with the Bond Hedge Transaction (as defined in note 8), because their inclusion would be antidilutive. The warrant transactions (as described in note 8) may have a dilutive effect with respect to the shares comprising the basket of 麻豆最新出品鈥檚 tracking stocks as specified in the indenture, as amended, related to the Convertible Notes (the 鈥淪ecurities Basket鈥) underlying the warrants to the extent that the settlement price exceeds the strike price of the warrants, and the warrants are settled in shares comprising such Securities Basket. The warrants and any potential future settlement were reattributed from the Formula One Group to the 麻豆最新出品 SiriusXM Group effective April 22, 2020.
Series听A, Series听B and Series C 麻豆最新出品 SiriusXM Common Stock
The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. 听
鈥
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|
|
|
|
|
鈥 |
Three months ended June 30, |
鈥 |
Six months ended June 30, |
鈥 |
鈥 |
2021 (a) |
听听听听 |
2020 (a)(b) |
听听听听 |
2021 (a) |
听听听听 |
2020 (b) |
鈥 |
|
鈥 |
鈥 |
苍耻尘产别谤蝉听辞蹿听蝉丑补谤别蝉听颈苍听尘颈濒濒颈辞苍蝉 |
鈥 |
Basic WASO |
听 |
335 |
听 |
328 |
鈥 |
336 |
鈥 |
326 |
鈥 |
Potentially dilutive shares |
听 |
2 |
听 |
1 |
鈥 |
2 |
鈥 |
3 |
鈥 |
Diluted WASO (c) |
听 |
337 |
听 |
329 |
鈥 |
338 |
鈥 |
329 |
鈥 |
|
(a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which net losses are reported since the result would be antidilutive. |
|
(b) |
In May 2020, 麻豆最新出品 distributed subscription rights to holders of 麻豆最新出品 SiriusXM common stock to acquire additional shares of Series C 麻豆最新出品 SiriusXM common stock (the 鈥淟SXMK rights offering鈥). Since the subscription rights were priced at a discount to market value, the LSXMK rights offering is considered a stock dividend and has been reflected retroactively in prior periods for the weighted average shares outstanding.
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(c) |
The Formula One Group鈥檚 intergroup interest in the 麻豆最新出品 SiriusXM Group was eliminated on April 22, 2020 in conjunction with the reattribution. The number of notional 麻豆最新出品 SiriusXM shares representing the intergroup interest held by the Formula One Group was 1,945,491 immediately prior to the reattribution. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Formula One Group had an attributed value in the 麻豆最新出品 SiriusXM Group which was generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the 麻豆最新出品 SiriusXM Group. Each reporting period, the notional shares representing the intergroup interest were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C 麻豆最新出品 SiriusXM common stock. However, 麻豆最新出品 assumed that the notional shares would have been comprised of Series C 麻豆最新出品 SiriusXM common stock in order to not dilute voting percentages. Therefore, the market price of Series C 麻豆最新出品 SiriusXM common stock was used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic earnings per share weighted average number of shares outstanding. However, in periods where the 麻豆最新出品 SiriusXM Group had net earnings, the notional shares representing the intergroup interest were included in the diluted earnings per share WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows:
|
鈥
|
|
|
|
|
|
|
|
|
|
鈥 |
Three months ended June 30, |
鈥 |
Six months ended June 30, |
鈥 |
鈥 |
2021 |
听听听听 |
2020 |
听听听听 |
2021 |
听听听听 |
2020 |
鈥 |
|
鈥 |
听听听听 |
amounts听in听millions |
鈥 |
Basic earnings (loss) attributable to 麻豆最新出品 SiriusXM stockholders |
$ |
337 |
鈥 |
(88) |
鈥 |
326 |
鈥 |
126 |
鈥 |
Unrealized (gain) loss on the intergroup interest |
鈥 |
NA |
鈥 |
(4) |
鈥 |
NA |
鈥 |
(35) |
鈥 |
Diluted earnings (loss) attributable to 麻豆最新出品 SiriusXM stockholders |
$ |
337 |
鈥 |
(92) |
鈥 |
326 |
鈥 |
91 |
鈥 |
鈥
Series听A, Series听B and Series C 麻豆最新出品 Braves Common Stock
The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. 听
鈥
|
|
|
|
|
|
|
|
|
|
鈥 |
Three months ended June 30, |
鈥 |
Six months ended June 30, |
鈥 |
鈥 |
2021 (a) |
听听听听 |
2020 (a) |
听听听听 |
2021 |
听听听听 |
2020 |
鈥 |
|
鈥 |
鈥 |
苍耻尘产别谤蝉听辞蹿听蝉丑补谤别蝉听颈苍听尘颈濒濒颈辞苍蝉 |
鈥 |
Basic WASO |
听 |
52 |
听 |
51 |
鈥 |
52 |
鈥 |
51 |
鈥 |
Potentially dilutive shares |
听 |
9 |
听 |
9 |
鈥 |
9 |
鈥 |
9 |
鈥 |
Diluted WASO (b) |
听 |
61 |
听 |
60 |
鈥 |
61 |
鈥 |
60 |
鈥 |
|
(a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. |
|
(b) |
Prior to the reattribution, the number of notional 麻豆最新出品 Braves shares representing the Formula One Group鈥檚 intergroup interest in the Braves Group was 9,084,940. A portion of this intergroup interest was reattributed to the 麻豆最新出品 SiriusXM Group on April 22, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903 and the number of notional shares representing the intergroup interest in the Braves Group held by the 麻豆最新出品 SiriusXM Group is 2,292,037 as of June 30, 2021.
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The intergroup interests are quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and the 麻豆最新出品 SiriusXM Group have attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the 麻豆最新出品 SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. As the notional shares underlying the intergroup interests are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C 麻豆最新出品 Braves common stock. However, 麻豆最新出品 has assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C 麻豆最新出品 Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the 麻豆最新出品 SiriusXM Group interest in the Braves Group would be comprised of Series A 麻豆最新出品 Braves common stock since Series A 麻豆最新出品 Braves common stock underlie the Convertible Notes. Therefore, the market prices of Series C 麻豆最新出品 Braves and Series A 麻豆最新出品 Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and 麻豆最新出品 SiriusXM Group, respectively, through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interests have no impact on the basic WASO. However, the notional shares representing the intergroup interests are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period as follows:
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|
|
|
|
|
|
|
鈥 |
Three months ended June 30, |
鈥 |
Six months ended June 30, |
鈥 |
鈥 |
2021 |
听听听听 |
2020 |
听听听听 |
2021 |
听听听听 |
2020 |
鈥 |
|
鈥 |
听听听听 |
amounts听in听millions |
鈥 |
Basic earnings (loss) attributable to 麻豆最新出品 Braves stockholders |
$ |
25 |
鈥 |
(38) |
鈥 |
(34) |
鈥 |
15 |
鈥 |
Unrealized (gain) loss on the intergroup interests |
鈥 |
(1) |
鈥 |
7 |
鈥 |
27 |
鈥 |
(88) |
鈥 |
Diluted earnings (loss) attributable to 麻豆最新出品 Braves stockholders |
$ |
24 |
鈥 |
(31) |
鈥 |
(7) |
鈥 |
(73) |
鈥 |
鈥
Series听A, Series听B and Series C 麻豆最新出品 Formula One Common Stock
The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. 听
鈥
|
|
|
|
|
|
|
|
|
|
鈥 |
Three months ended June 30, |
鈥 |
Six months ended June 30, |
鈥 |
鈥 |
2021 (a) |
听听听听 |
2020 (a) |
听听听听 |
2021 |
鈥 |
2020 (a) |
鈥 |
|
鈥 |
鈥 |
苍耻尘产别谤蝉听辞蹿听蝉丑补谤别蝉听颈苍听尘颈濒濒颈辞苍蝉 |
鈥 |
Basic WASO |
听 |
232 |
听 |
232 |
鈥 |
232 |
鈥 |
232 |
鈥 |
Potentially dilutive shares |
听 |
8 |
听 |
5 |
鈥 |
8 |
鈥 |
6 |
鈥 |
Diluted WASO (b) |
听 |
240 |
听 |
237 |
鈥 |
240 |
鈥 |
238 |
鈥 |
|
(a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. |
|
(b) |
As discussed in note 2, the number of notional Formula One shares representing the 麻豆最新出品 SiriusXM Group鈥檚 intergroup interest in the Formula One Group is 5,271,475 shares as of June 30, 2021. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the 麻豆最新出品 SiriusXM Group has an attributed value in the Formula One Group which is generally stated in terms of a number of shares of stock issuable to the 麻豆最新出品 SiriusXM Group with respect to its interest in the Formula One Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C 麻豆最新出品 Formula One common stock. However, 麻豆最新出品 has assumed that the notional shares (if and when issued) would be comprised of Series A 麻豆最新出品 Formula One common stock since Series A Formula One common stock underlie the Convertible Notes. Therefore, the market price of Series A 麻豆最新出品 Formula One common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest have no impact on the basic WASO. However, the notional shares representing the intergroup interest are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows:
|
|
|
|
|
|
|
|
|
|
|
鈥 |
Three months ended June 30, |
鈥 |
Six months ended June 30, |
鈥 |
鈥 |
2021 |
听听听听 |
2020 |
听听听听 |
2021 |
听听听听 |
2020 |
鈥 |
|
鈥 |
听听听听 |
amounts听in听millions |
鈥 |
Basic earnings (loss) attributable to Formula One stockholders |
$ |
55 |
鈥 |
(200) |
鈥 |
9 |
鈥 |
(543) |
鈥 |
Unrealized (gain) loss on the intergroup interest |
鈥 |
24 |
鈥 |
28 |
鈥 |
25 |
鈥 |
28 |
鈥 |
Diluted earnings (loss) attributable to Formula One stockholders |
$ |
79 |
鈥 |
(172) |
鈥 |
34 |
鈥 |
(515) |
鈥 |
鈥
|