|
(5)听听听Earnings Attributable to jvid视频 Stockholders Per Common Share
Basic earnings (loss) per common share ("EPS") is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding (鈥淲ASO鈥) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented, including any necessary adjustments to earnings (loss) attributable to shareholders.
Excluded from diluted EPS for the three months ended March 31, 2020 are approximately 22 million potentially dilutive shares of Series A and Series C Liberty SiriusXM common stock, 3 million potentially dilutive shares of Series A Liberty Braves common stock and 6 million potentially dilutive shares of Series A Liberty Formula One common stock, primarily due to warrants issued in connection with the Bond Hedge Transaction (as defined in note 9), because their inclusion would be antidilutive. The Amended Warrant Transactions (as defined in note 9) may have a dilutive effect with respect to the shares comprising the basket of Liberty鈥檚 tracking stocks as specified in the indenture, as amended, related to the Convertible Notes (the 鈥淪ecurities Basket鈥) underlying the warrants to the extent that the settlement price exceeds the strike price of the warrants, and the warrants are settled in shares comprising such Securities Basket. The warrants and any potential future settlement were attributed to the Formula One Group as of March 31, 2020.
Series听A, Series听B and Series C Liberty SiriusXM Common Stock
The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. 听
鈥
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
鈥 |
Three months ended March 31, |
鈥 |
鈥 |
2020 |
听听听听 |
2019 |
鈥 |
鈥 |
鈥 |
苍耻尘产别谤蝉听辞蹿听蝉丑补谤别蝉听颈苍听尘颈濒濒颈辞苍蝉 |
鈥 |
Basic WASO |
听 |
315 |
听 |
323 |
鈥 |
Potentially dilutive shares |
听 |
4 |
听 |
4 |
鈥 |
Diluted WASO (a) |
听 |
319 |
听 |
327 |
鈥 |
|
(a) |
As discussed in note 2, the number of notional Liberty Sirius XM shares representing the intergroup interest held by the Formula One Group was 1,945,491 as of March 31, 2020. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the Formula One Group has an attributed value in the Liberty SiriusXM Group which is generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Liberty SiriusXM Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty SiriusXM common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series C Liberty SiriusXM common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty SiriusXM common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest have no impact on the basic earnings per
|
|
|
share weighted average number of shares outstanding. However, in periods where the Liberty SiriusXM Group has net earnings, the notional shares representing the intergroup interest are included in the diluted earnings per share WASO as if the shares had been issued and outstanding during the period. In periods where the Liberty SiriusXM Group has net earnings, an adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows: |
鈥
|
|
|
|
|
|
鈥 |
Three months ended March 31, |
鈥 |
鈥 |
2020 |
听听听听 |
2019 |
鈥 |
鈥 |
听听听听 |
amounts听in听millions |
鈥 |
Basic earnings (loss) attributable to Liberty SiriusXM stockholders |
$ |
214 |
鈥 |
61 |
鈥 |
Unrealized (gain) loss on the intergroup interest |
鈥 |
(31) |
鈥 |
NA |
鈥 |
Diluted earnings (loss) attributable to Liberty SiriusXM stockholders |
$ |
183 |
鈥 |
61 |
鈥 |
鈥
Series听A, Series听B and Series C Liberty Braves Common Stock
The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. 听
鈥
|
|
|
|
|
|
鈥 |
Three months ended March 31, |
鈥 |
鈥 |
2020 |
听听听听 |
2019 (a) |
鈥 |
鈥 |
鈥 |
苍耻尘产别谤蝉听辞蹿听蝉丑补谤别蝉听颈苍听尘颈濒濒颈辞苍蝉 |
鈥 |
Basic WASO |
听 |
51 |
听 |
51 |
鈥 |
Potentially dilutive shares |
听 |
10 |
听 |
10 |
鈥 |
Diluted WASO (b) |
听 |
61 |
听 |
61 |
鈥 |
|
(a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. |
|
(b) |
As discussed in note 2, the number of notional Liberty Braves shares representing the Formula One Group鈥檚 intergroup interest in the Braves Group is 9,084,940 shares as of March 31, 2020. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the Formula One Group has an attributed value in the Braves Group which is generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Braves Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C Liberty Braves common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages. Therefore, the market price of Series C Liberty Braves common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest have no impact on the basic WASO. However, the notional shares representing the intergroup interest are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows:
|
|
|
|
|
|
|
鈥 |
Three months ended March 31, |
鈥 |
鈥 |
2020 |
听听听听 |
2019 |
鈥 |
鈥 |
听听听听 |
amounts听in听millions |
鈥 |
Basic earnings (loss) attributable to Liberty Braves stockholders |
$ |
53 |
鈥 |
(71) |
鈥 |
Unrealized (gain) loss on the intergroup interest |
鈥 |
(95) |
鈥 |
26 |
鈥 |
Diluted earnings (loss) attributable to Liberty Braves stockholders |
$ |
(42) |
鈥 |
(45) |
鈥 |
鈥
Series听A, Series听B and Series C Liberty Formula One Common Stock
The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock. 听
鈥
|
|
|
|
|
|
鈥 |
Three months ended March 31, |
鈥 |
鈥 |
2020 (a) |
听听听听 |
2019 (a) |
鈥 |
鈥 |
鈥 |
苍耻尘产别谤蝉听辞蹿听蝉丑补谤别蝉听颈苍听尘颈濒濒颈辞苍蝉 |
鈥 |
Basic WASO |
听 |
232 |
听 |
231 |
鈥 |
Potentially dilutive shares |
听 |
1 |
听 |
2 |
鈥 |
Diluted WASO |
听 |
233 |
听 |
233 |
鈥 |
|
(a) |
Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive. |
|