Leucadia National Corporation Just Filed Its Quarterly Report: Common Share and Ear...

Common Share and Earnings Per Common Share


Basic and diluted earnings per share amounts were calculated by dividing net income by the weighted average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings per share are as follows (in thousands):
 
For the Three Months Ended
 
For the Six Months Ended
 
May 31, 2019
 
June 30, 2018
 
May 31, 2019
 
June 30, 2018
Numerator for earnings per share:
 
 
 
 
 
 
 
Net income attributable to Jefferies Financial Group Inc. common shareholders
$
670,764

 
$
725,529

 
$
715,575

 
$
850,054

Allocation of earnings to participating securities (1)
(4,086
)
 
(3,870
)
 
(4,241
)
 
(3,831
)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share
666,678

 
721,659

 
711,334

 
846,223

Adjustment to allocation of earnings to participating securities related to diluted shares (1)
43

 
37

 
34

 
29

Mandatorily redeemable convertible preferred share dividends
1,276

 

 
2,552

 

Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share
$
667,997


$
721,696

 
$
713,920

 
$
846,252

 
 
 
 
 
 
 
 
Denominator for earnings per share:
 

 
 

 
 

 
 

Weighted average common shares outstanding
293,600

 
342,719

 
299,067

 
349,647

Weighted average shares of restricted stock outstanding with future service required
(1,873
)
 
(1,868
)
 
(1,851
)
 
(1,578
)
Weighted average RSUs outstanding with no future service required
15,283

 
11,198

 
13,892

 
11,168

Denominator for basic earnings per share – weighted average shares
307,010

 
352,049

 
311,108

 
359,237

Stock options

 
7

 

 
18

Senior executive compensation plan awards
1,355

 
4,019

 
2,466

 
3,430

Mandatorily redeemable convertible preferred shares
4,162

 

 
4,162

 

Denominator for diluted earnings per share
312,527


356,075

 
317,736

 
362,685


(1)
Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 1,881,600 and 1,887,100 for the three months ended May 31, 2019 and June 30, 2018, respectively, and 1,856,400 and 1,603,500 for the six months ended May 31, 2019 and June 30, 2018, respectively. Dividends declared on participating securities were not material during the three and six months ended May 31, 2019 and June 30, 2018. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.

For the three and six months ended June 30, 2018, shares related to the mandatorily redeemable convertible preferred shares were not included in the computation of diluted per share amounts as the effect was antidilutive.

The Board of Directors from time to time has authorized the repurchase of our common shares. In January 2019, the Board of Directors approved an additional $500.0 million share repurchase authorization. During the six months ended May 31, 2019, we purchased a total of 17,350,000 of our common shares for an aggregate purchase price of $344.5 million under these authorizations. At May 31, 2019, $155.5 million remained available for repurchase. Additionally, in connection with the HomeFed merger on July 1, 2019, our Board of Directors has authorized the repurchase of an additional 9.25 million shares in the open market.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Major owner of Leucadia National Corporation just declared 0 ownership of the company. - Nov. 24, 2020
Quarterly report filed by institutional managers, Holdings - Nov. 13, 2020

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