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 Nine Months Ended
 
August 31, 2019
 
September 30, 2018
 
August 31, 2019
 
September 30, 2018
Numerator for earnings per share:
 
 
 
 
 
 
 
Net income attributable to Jefferies Financial Group Inc. common shareholders
$
48,477

 
$
192,635

 
$
764,052

 
$
1,042,689

Allocation of earnings to participating securities (1)
(316
)
 
(1,054
)
 
(4,667
)
 
(5,049
)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share
48,161

 
191,581

 
759,385

 
1,037,640

Adjustment to allocation of earnings to participating securities related to diluted shares (1)
(7
)
 
3

 
29

 
34

Mandatorily redeemable convertible preferred share dividends

 
1,276

 
3,827

 

Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share
$
48,154


$
192,860

 
$
763,241

 
$
1,037,674

 
 
 
 
 
 
 
 
Denominator for earnings per share:
 

 
 

 
 

 
 

Weighted average common shares outstanding
296,834

 
332,191

 
298,322

 
343,829

Weighted average shares of restricted stock outstanding with future service required
(2,008
)
 
(1,879
)
 
(1,903
)
 
(1,681
)
Weighted average RSUs outstanding with no future service required
15,462

 
11,122

 
14,419

 
11,152

Denominator for basic earnings per share – weighted average shares
310,288

 
341,434

 
310,838

 
353,300

Stock options

 
5

 

 
13

Senior executive compensation plan awards
1,609

 
4,706

 
2,181

 
3,856

Mandatorily redeemable convertible preferred shares

 
4,162

 
4,162

 

Denominator for diluted earnings per share
311,897


350,307

 
317,181

 
357,169


(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 2,018,000 and 1,888,700 for the three months ended August 31, 2019 and September 30, 2018, respectively, and 1,910,700 and 1,700,700 for the nine months ended August 31, 2019 and September 30, 2018, respectively. Dividends declared on participating securities were not material during the three and nine months ended August 31, 2019 and September 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 months ended August 31, 2019 and the nine months ended September 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 nine months ended August 31, 2019, we purchased a total of 17,725,361 of our common shares for an aggregate purchase price of $352.1 million under these authorizations. At August 31, 2019, $147.9 million remained available for repurchase. Additionally, in connection with the HomeFed merger on July 1, 2019, our Board of Directors 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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