Policy

Earnings Per Share

The computation of basic and diluted earnings per share is as follows:



	Year Ended				Six Months Ended				Year Ended
(In millions, except per share amounts)	December 31				December 31				June 30
	2013		2012		2012		2011		2012		2011
			(Unaudited)				(Unaudited)

Net earnings attributable to controlling interests	$	1,342	$	1,375	$	692	$	540	$	1,223	$	2,036
Average shares outstanding	661		660		660		669		665		642
Basic earnings per share	$	2.03	$	2.08	$	1.05	$	0.81	$	1.84	$	3.17
Net earnings attributable to controlling interests	$	1,342	$	1,375	$	692	$	540	$	1,223	$	2,036
Plus: After-tax interest on 4.7% debentures related to $1.75 billion Equity Units	—		—		—		—		—		13
Adjusted net earnings attributable to controlling interests	$	1,342	$	1,375	$	692	$	540	$	1,223	$	2,049

Average shares outstanding	661		660		660		669		665		642
Plus: Incremental shares
Stock compensation awards	2		2		1		1		1		1
Shares assumed issued related to $1.75 billion Equity Units	—		—		—		—		—		11
Adjusted average shares outstanding	663		662		661		670		666		654
Diluted earnings per share	$	2.02	$	2.08	$	1.05	$	0.81	$	1.84	$	3.13

Average shares outstanding for 2011 include 44 million shares beginning June 1, 2011 related to the equity unit conversion.

Adjusted net earnings attributable to controlling interests in 2011 include a $13 million adjustment for after-tax interest. Adjusted average shares outstanding for 2011 include 44 million shares assumed issued on January 1, 2011 for the quarter ended March 31, 2011, or 11 million shares for the year ended June 30, 2011. These adjustments were made as a result of the requirement to use the “if-converted” method of calculating diluted earnings per share for the quarter ended March 31, 2011.

ARCHER DANIELS MIDLAND CO | 2013 | FY |

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