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Earnings (Losses) per Share
10301 - Disclosure - Earnings (Losses) per Share
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<div> <div style="font-family: 'Times New Roman',Times,serif;">
<div style="margin-top: 12pt; font-size: 10pt;" align="left"><b>Note 3. Earnings Per Share</b> </div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> Basic and diluted earnings per share are calculated using income from continuing operations attributable to Starwood's common shareholders (i.e. excluding amounts attributable to noncontrolling interests). </div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> The following is a reconciliation of basic earnings per share to diluted earnings per share for income from continuing operations (in millions, except per share data): </div>
<div align="center">
<table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr valign="bottom"><td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="22"><b>Three Months Ended June 30,</b></td>
<td> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="10"><b>2010</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="10"><b>2009</b></td>
<td> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Per</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Per</b></td>
<td> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Earnings</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Shares</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Share</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Earnings</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Shares</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Share</b></td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="margin-left: 15px; text-indent: -15px;">Basic earnings from continuing operations</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">79</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">182</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.44</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">140</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">180</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.79</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="margin-left: 15px; text-indent: -15px;">Effect of dilutive securities:</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="margin-left: 15px; text-indent: -15px;">Stock options and restricted stock and unit awards</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.02</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.01</td>
<td nowrap="nowrap">)</td></tr>
<tr style="font-size: 1px;"><td>
<div style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="margin-left: 15px; text-indent: -15px;">Diluted earnings from continuing operations</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">79</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">189</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.42</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">140</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">183</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.78</td>
<td> </td></tr>
<tr style="font-size: 1px;"><td>
<div style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr></table></div>
<div align="center">
<table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0">
<tr valign="bottom"><td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="22"><b>Six Months Ended June 30,</b></td>
<td> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="10"><b>2010</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="10"><b>2009</b></td>
<td> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Per</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Per</b></td>
<td> </td></tr>
<tr style="font-size: 8pt;" valign="bottom"><td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Earnings</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Shares</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Share</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Earnings</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Shares</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: #000000 1px solid;" nowrap="nowrap" align="center" colspan="2"><b>Share</b></td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="margin-left: 15px; text-indent: -15px;">Basic earnings from continuing operations</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">109</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">182</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.60</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">149</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">179</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.83</td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="margin-left: 15px; text-indent: -15px;">Effect of dilutive securities:</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="background: #cceeff;" valign="bottom"><td>
<div style="margin-left: 15px; text-indent: -15px;">Stock options and restricted stock and unit awards</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.02</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.01</td>
<td nowrap="nowrap">)</td></tr>
<tr style="font-size: 1px;"><td>
<div style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 1px solid;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr>
<tr valign="bottom"><td>
<div style="margin-left: 15px; text-indent: -15px;">Diluted earnings from continuing operations</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">109</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">188</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.58</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">149</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">182</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.82</td>
<td> </td></tr>
<tr style="font-size: 1px;"><td>
<div style="margin-left: 15px; text-indent: -15px;"> </div></td>
<td> </td>
<td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td style="border-top: #000000 3px double;" nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td></tr></table></div>
<div style="margin-top: 6pt; font-size: 10pt;" align="left"> Approximately 5,111,000 and 9,694,000 shares for the three months ended June 30, 2010 and 2009, respectively, and 5,185,000 and 10,782,000 shares for the six months ended June 30, 2010 and 2009, respectively, were excluded from the computation of diluted shares, respectively, as their impact would have been anti-dilutive. </div>
<p style="font-size: 10pt;" align="center"> </p></div> </div>
Note 3. Earnings Per Share
Basic and diluted earnings per share are calculated using income from continuing operations
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This element may be used to capture the complete disclosure pertaining to an entity's earnings per share.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
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