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
 
February 29, 2020
 
February 28, 2019
Numerator for earnings per share:
 
 
 
Net income attributable to Jefferies Financial Group Inc. common shareholders
$
113,010

 
$
44,811

Allocation of earnings to participating securities (1)
(695
)
 
(255
)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share
112,315

 
44,556

Adjustment to allocation of earnings to participating securities related to diluted shares (1)
(3
)
 
(7
)
Mandatorily redeemable convertible preferred share dividends
1,422

 

Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share
$
113,734

 
$
44,549

 
 
 
 
Denominator for earnings per share:
 

 
 

Weighted average common shares outstanding
286,682

 
304,533

Weighted average shares of restricted stock outstanding with future service required
(1,892
)
 
(1,828
)
Weighted average RSUs outstanding with no future service required
17,616

 
12,470

Denominator for basic earnings per share – weighted average shares
302,406

 
315,175

Stock options
10

 

Senior executive compensation plan awards
1,423

 
3,577

Mandatorily redeemable convertible preferred shares
4,441

 

Denominator for diluted earnings per share
308,280

 
318,752


(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 1,902,000 and 1,831,000 for the three months ended February 29, 2020 and February 28, 2019, respectively. Dividends declared on participating securities were not material during the three months ended February 29, 2020 and February 28, 2019. 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 February 28, 2019, 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.

Our Board of Directors from time to time has authorized the repurchase of our common shares. In January 2019, the Board of Directors approved a $500.0 million share repurchase authorization and in January 2020, the Board of Directors approved an increase of $250.0 million to the share repurchase authorization. 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. During the three months ended February 29, 2020, we purchased a total of 14,655,217 of our common shares for an aggregate purchase price of $325.5 million, or an average price of $22.21 per share. At February 29, 2020, we had approximately $139.7 million available for future purchases. In March 2020, having completed the repurchase of shares under the previous authorization, the Board of Directors approved an additional share repurchase authorization of $100 million. Subsequent to February 29, 2020, we purchased a total of 8,358,899 of our common shares for $144.3 million, or an average price per share of $17.26.

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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