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Earnings Per Share
3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share
Loss Per Share
The following table displays the computation of basic and diluted earnings (loss) per share of common stock for the three months ended March 31, 2013 and 2012.

For the Three Months Ended March 31,
 

2013
 
2012
 

(Dollars and shares in millions, except per share amounts)
Net income
$
58,685

 
$
2,718

 
Less: Net loss attributable to noncontrolling interest

 
1

 
Net income attributable to Fannie Mae
58,685

 
2,719

 
Dividends distributed or available for distribution to senior preferred stockholder(1)
(59,368
)
 
(2,817
)
 
Net loss attributable to common stockholders
$
(683
)
 
$
(98
)
 
Weighted-average common shares outstanding—Basic and Diluted(2)
5,762

 
5,761

 
Loss per share—Basic and Diluted
$
(0.12
)
 
$
(0.02
)
 
__________
(1) 
Represents our required dividend payments to Treasury under the terms of the senior preferred stock purchase agreement, which are calculated based on our net worth as of March 31, 2013 less the applicable capital reserve amount of $3.0 billion for the three months ended March 31, 2013 and an annual dividend rate of 10% on the aggregate liquidation preference for the three months ended March 31, 2012.
(2) 
Includes 4.6 billion for the three months ended March 31, 2013 and 2012 of weighted-average shares of common stock that would be issued upon the full exercise of the warrant issued to Treasury from the date the warrant was issued through March 31, 2013.
In 2012, the terms of the senior preferred stock purchase agreement were amended to ultimately require the payment of our entire net worth to Treasury. We paid Treasury a senior preferred stock dividend on March 29, 2013 of $4.2 billion and will pay $59.4 billion by June 30, 2013, which will equal the excess of our net worth over a $3.0 billion capital reserve applicable in 2013 under the amended terms of our senior preferred stock purchase agreement.
Weighted-average stock options to purchase approximately 1 million and 3 million shares of common stock were outstanding for the three months ended March 31, 2013 and 2012, respectively, and were excluded from the computation of diluted EPS in the table above as they would have been anti-dilutive.