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 EndedFor the Six Months Ended
 May 31, 2020May 31, 2019May 31, 2020May 31, 2019
Numerator for earnings per share:
Net income attributable to Jefferies Financial Group Inc. common shareholders
$44,919  $670,764  $157,929  $715,575  
Allocation of earnings to participating securities (1)(288) (4,086) (988) (4,241) 
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share
44,631  666,678  156,941  711,334  
Adjustment to allocation of earnings to participating securities related to diluted shares (1)
(9) 43  (11) 34  
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
$44,622  $667,997  $156,930  $713,920  
Denominator for earnings per share:    
Weighted average common shares outstanding
269,362  293,600  278,022  299,067  
Weighted average shares of restricted stock outstanding with future service required
(1,832) (1,873) (1,862) (1,851) 
Weighted average RSUs outstanding with no future service required
19,234  15,283  18,429  13,892  
Denominator for basic earnings per share – weighted average shares
286,764  307,010  294,589  311,108  
Stock options—  —  —  —  
Senior executive compensation plan awards—  1,355  712  2,466  
Mandatorily redeemable convertible preferred
shares
—  4,162  —  4,162  
Denominator for diluted earnings per share
286,764  312,527  295,301  317,736  

(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 1,846,400 and 1,881,600 for the three months ended May 31, 2020 and 2019, respectively, and 1,874,100 and 1,856,400 for the six months ended May 31, 2020 and 2019, respectively. Dividends declared on participating securities were not material during the three and six months ended May 31, 2020 and 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 and six months ended May 31, 2020, 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. In March 2020, the Board of Directors approved an additional share repurchase authorization of $100 million. During the six months ended May 31, 2020, we purchased a total of 24,784,910 of our common shares for an aggregate purchase price of $491.9 million, or an average price of $19.85 per share. At May 31, 2020, we had approximately $73.3 million available for future purchases. In June 2020, the Board of Directors increased the share repurchase authorization to $250.0 million

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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