2.2.0.25falsefalse0202 - Disclosure - Earnings Per Sharetruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011
USD ($)
USD ($) / shares
$Jan-01-2011_Mar-31-2011http://www.sec.gov/CIK0000077776duration2011-01-01T00:00:002011-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_EarningsPerShareAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse| 1falsefalsefalse00falsefalsefalsefalsefalse | Otherxbrli:stringItemTypestringNo definition available.falsefalse
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<!-- Begin Block Tagged Note 2 - us-gaap:EarningsPerShareTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>2.
Earnings Per Share</b>
</div>
<div style="width: 100%; border-bottom: 1px solid black; margin-top: 0pt; font-size: 1pt"> 
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Basic earnings per share attributable to PHH Corporation was computed by dividing Net income
attributable to PHH Corporation during the period by the weighted-average number of shares
outstanding during the period. Diluted earnings per share attributable to PHH Corporation was
computed by dividing Net income attributable to PHH Corporation by the weighted-average number of
shares outstanding, assuming all potentially dilutive common shares were issued.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">For the three months ended March 31, 2011 and 2010, the weighted-average computation of the
dilutive effect of potentially issuable shares of Common stock under the treasury stock method
excludes: (i) approximately 0.3 million and 1.2 million, respectively, of outstanding stock-based
compensation awards as their inclusion would be anti-dilutive; (ii) purchased options and sold
warrants related to the assumed conversion of the 2012 Convertible notes as their inclusion would
be anti-dilutive; (iii) sold warrants related to the Company’s 2014 Convertible notes as their
inclusion would be anti-dilutive; and (iv) the 2014 Convertible notes and related purchased options
as they are currently to be settled only in cash.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the calculations of basic and diluted earnings per share
attributable to PHH Corporation for the periods indicated:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </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 nowrap="nowrap" align="center" colspan="6"><b>Three Months</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Ended March 31,</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6"><b>(In millions, except share</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6"><b>and per share data)</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net income attributable to PHH Corporation
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">49</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">8</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted-average common shares outstanding — basic
</div></td>
<td> </td>
<td> </td>
<td align="right">56,108,525</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">55,035,745</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Effect of potentially dilutive securities:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Stock options
</div></td>
<td> </td>
<td> </td>
<td align="right">235,128</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">133,102</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Restricted stock units
</div></td>
<td> </td>
<td> </td>
<td align="right">699,602</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">779,681</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Assumed conversion of the 2012 Convertible notes
</div></td>
<td> </td>
<td> </td>
<td align="right">1,583,917</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted-average common shares outstanding — diluted
</div></td>
<td> </td>
<td> </td>
<td align="right">58,627,172</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">55,948,528</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Basic earnings per share attributable to PHH Corporation
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">0.87</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.15</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Diluted earnings per share attributable to PHH Corporation
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">0.84</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.15</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
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</div>
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
</div>
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<!-- Begin Block Tagged Notefalsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringThis 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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