TYSON FOODS INC | 2013 | FY | 3

EARNINGS PER SHARE
The earnings and weighted average common shares used in the computation of basic and diluted earnings per share are as follows:
 
in millions, except per share data
 
 
2013

 
2012

 
2011

Numerator:
 
 
 
 
 
Income from continuing operations
$
848

 
$
614

 
$
738

Less: Net loss from continuing operations attributable to noncontrolling interests
—

 
(7
)
 
(14
)
Net income from continuing operations attributable to Tyson
848

 
621

 
752

Less dividends declared:
 
 
 
 
 
Class A
87

 
47

 
49

Class B
19

 
10

 
10

Undistributed earnings
$
742

 
$
564

 
$
693

 
 
 
 
 
 
Class A undistributed earnings
$
606

 
$
464

 
$
574

Class B undistributed earnings
136

 
100

 
119

Total undistributed earnings
$
742

 
$
564

 
$
693

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Denominator for basic earnings per share:
 
 
 
 
 
Class A weighted average shares
282

 
293

 
303

Class B weighted average shares, and shares under if-converted method for diluted earnings per share
70

 
70

 
70

Effect of dilutive securities:
 
 
 
 
 
Stock options and restricted stock
5

 
4

 
6

Convertible 2013 Notes
7

 
3

 
1

Warrants
3

 
—

 
—

Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions
367

 
370

 
380

 
 
 
 
 
 
Net Income Per Share from Continuing Operations Attributable to Tyson:
 
 
 
 
Class A Basic
$
2.46

 
$
1.75

 
$
2.05

Class B Basic
$
2.22

 
$
1.57

 
$
1.84

Diluted
$
2.31

 
$
1.68

 
$
1.98

 
 
 
 
 
 
Net Income Per Share Attributable to Tyson:
 
 
 
 
 
Class A Basic
$
2.26

 
$
1.64

 
$
2.04

Class B Basic
$
2.04

 
$
1.48

 
$
1.84

Diluted
$
2.12

 
$
1.58

 
$
1.97


We had no stock-based compensation shares that were antidilutive for fiscal 2013. Approximately 4 million of our stock-based compensation shares were antidilutive for fiscal 2012 and 2011. These shares were not included in the dilutive earnings per share calculation.
We have two classes of capital stock, Class A stock and Class B stock. Cash dividends cannot be paid to holders of Class B stock unless they are simultaneously paid to holders of Class A stock. The per share amount of cash dividends paid to holders of Class B stock cannot exceed 90% of the cash dividends paid to holders of Class A stock.
We allocate undistributed earnings based upon a 1 to 0.9 ratio per share to Class A stock and Class B stock, respectively. We allocate undistributed earnings based on this ratio due to historical dividend patterns, voting control of Class B shareholders and contractual limitations of dividends to Class B stock.

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