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 Nine Months Ended
 August 31, 2020August 31, 2019August 31, 2020August 31, 2019
Numerator for earnings per share:
Net income attributable to Jefferies Financial Group Inc. common shareholders
$304,409 $48,477 $462,338 $764,052 
  Allocation of earnings to participating securities (1)(1,945)(316)(2,921)(4,667)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share
302,464 48,161 459,417 759,385 
Adjustment to allocation of earnings to participating securities related to diluted shares (1)
17 (7)29 
Mandatorily redeemable convertible preferred share dividends
1,404 — 4,230 3,827 
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share
$303,885 $48,154 $463,652 $763,241 
Denominator for earnings per share:    
Weighted average common shares outstanding
263,062 296,834 273,035 298,322 
Weighted average shares of restricted stock outstanding with future service required
(1,787)(2,008)(1,837)(1,903)
Weighted average RSUs outstanding with no future service required
19,420 15,462 18,761 14,419 
Denominator for basic earnings per share – weighted average shares
280,695 310,288 289,959 310,838 
Stock options— — — — 
Senior executive compensation plan awards— 1,609 475 2,181 
Mandatorily redeemable convertible preferred
shares
4,441 — 4,441 4,162 
Denominator for diluted earnings per share
285,136 311,897 294,875 317,181 

(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 1,807,800 and 2,018,000 for the three months ended August 31, 2020 and 2019, respectively, and 1,851,900 and 1,910,700 for the nine months ended August 31, 2020 and 2019, respectively. Dividends declared on participating securities were not material during the three and nine months ended August 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 months ended August 31, 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. In March 2020, the Board of Directors approved an additional share repurchase authorization of $100 million. In June 2020, the Board of Directors increased the share repurchase authorization by $176.7 million to $250.0 million. During the nine months ended August 31, 2020, we purchased a total of 32,659,910 of our common shares for an aggregate purchase price of $619.9 million, or an average price of $18.98 per share. At August 31, 2020, we had approximately $122.0 million available for future purchases. In September 2020, the Board of Directors increased the share repurchase authorization to $250.0 million, including the $122.0 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:

Quarterly report filed by institutional managers, Holdings - Nov. 13, 2020

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