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Three months ended September 30, |
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Nine months ended September 30, |
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2020 (a) |
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2019 |
|
2020 (a) |
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2019 (a) |
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|
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numbers of shares in millions |
|
Basic WASO |
|
51 |
|
51 |
|
51 |
|
51 |
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Potentially dilutive shares |
|
9 |
|
10 |
|
9 |
|
10 |
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Diluted WASO (b) |
|
60 |
|
61 |
|
60 |
|
61 |
|
|
(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. |
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(b) |
Prior to the reattribution, as discussed in note 2, the number of notional Liberty Braves shares representing the Formula One Group’s intergroup interest in the Braves Group was 9,084,940. A portion of this intergroup interest was reattributed to the Liberty SiriusXM Group on April 22, 2020. The number of notional shares representing the intergroup interest in the Braves Group held by the Formula One Group is 6,792,903 and the number of notional shares representing the intergroup interest in the Braves Group held by the Liberty SiriusXM Group is 2,292,037 as of September 30, 2020.
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The intergroup interests are quasi-equity interests which are not represented by outstanding shares of common stock; rather, the Formula One Group and the Liberty SiriusXM Group have attributed values in the Braves Group which are generally stated in terms of a number of shares of stock issuable to the Formula One Group and the Liberty SiriusXM Group with respect to their interests in the Braves Group. Each reporting period, the notional shares representing the intergroup interests are marked to fair value. As the notional shares underlying the intergroup interests 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) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock in order to not dilute voting percentages and the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock since Series A Liberty Braves common stock underlie the 1.375% convertible bonds. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock are used for the quarterly mark-to-market adjustment for the intergroup interests held by Formula One Group and Liberty SiriusXM Group, respectively, through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interests have no impact on the basic WASO. However, the notional shares representing the intergroup interests are included in the diluted WASO as if the shares had been issued and outstanding during the period. An adjustment was also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interests to fair value during the period as follows:
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Three months ended September 30, |
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Nine months ended September 30, |
|
|
2020 |
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2019 |
|
2020 |
|
2019 |
|
|
|
|
amounts in millions |
|
Basic earnings (loss) attributable to Liberty Braves stockholders |
$ |
(31) |
|
12 |
|
(16) |
|
(33) |
|
Unrealized (gain) loss on the intergroup interests |
|
10 |
|
(2) |
|
(78) |
|
26 |
|
Diluted earnings (loss) attributable to Liberty Braves stockholders |
$ |
(21) |
|
10 |
|
(94) |
|
(7) |
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