jvidÊÓƵ

Quarterly report pursuant to Section 13 or 15(d)

Earnings Attributable to jvidÊÓƵ Stockholders Per Common Share (Tables)

v3.20.2
Earnings Attributable to jvidÊÓƵ Stockholders Per Common Share (Tables)
6 Months Ended
Jun. 30, 2020
Liberty SiriusXM Group Ìý
Reconciliation of Basic and Diluted Weighted Average Shares

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Three months ended June 30,

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Six months ended June 30,

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2020 (a)

ÌýÌýÌýÌý

2019 (a)

ÌýÌýÌýÌý

2020 (a)

ÌýÌýÌýÌý

2019 (a)

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numbersÌýofÌýsharesÌýinÌýmillions

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Basic WASO

Ìý

328

Ìý

329

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326

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331

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Potentially dilutive shares

Ìý

1

Ìý

4

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3

​

4

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Diluted WASO (b)

Ìý

329

Ìý

333

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329

​

335

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(a) As discussed in note 2, Liberty distributed subscription rights to holders of Liberty SiriusXM common stock, which were priced at a discount to the market value, to acquire additional shares of Liberty SiriusXM common stock. The LSXMK rights offering, because of the discount, is considered a stock dividend and has been reflected retroactively in prior periods for the weighted average shares outstanding.
(b) As discussed in note 2, the Formula One Group’s intergroup interest in the Liberty SiriusXM Group was eliminated on April 22, 2020 in conjunction with the reattribution. The number of notional Liberty Sirius XM shares representing the intergroup interest held by the Formula One Group was 1,945,491 immediately prior to the reattribution. The intergroup interest was a quasi-equity interest which was not represented by outstanding shares of common stock; rather, the Formula One Group had an attributed value in the Liberty SiriusXM Group
which was 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 were marked to fair value. As the notional shares underlying the intergroup interest were not represented by outstanding shares of common stock, such shares had not been officially designated Series A, B or C Liberty SiriusXM common stock. However, Liberty assumed that the notional shares would have been 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 was used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest had no impact on the basic earnings per share weighted average number of shares outstanding. However, in periods where the Liberty SiriusXM Group had net earnings, the notional shares representing the intergroup interest were 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 had net earnings, 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 interest to fair value during the period as follows:

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Three months ended June 30,

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Six months ended June 30,

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2020

ÌýÌýÌýÌý

2019

ÌýÌýÌýÌý

2020

ÌýÌýÌýÌý

2019

​

​

ÌýÌýÌýÌý

amountsÌýinÌýmillions

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Basic earnings (loss) attributable to Liberty SiriusXM stockholders

$

(88)

​

167

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126

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228

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Unrealized (gain) loss on the intergroup interest

​

(4)

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NA

​

(35)

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NA

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Diluted earnings (loss) attributable to Liberty SiriusXM stockholders

$

(92)

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167

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91

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228

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Braves Group Ìý
Reconciliation of Basic and Diluted Weighted Average Shares

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Three months ended June 30,

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Six months ended June 30,

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2020

ÌýÌýÌýÌý

2019

ÌýÌýÌýÌý

2020 (a)

ÌýÌýÌýÌý

2019 (a)

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​

​

numbersÌýofÌýsharesÌýinÌýmillions

​

Basic WASO

Ìý

51

Ìý

51

​

51

​

51

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Potentially dilutive shares

Ìý

9

Ìý

10

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9

​

10

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Diluted WASO (b)

Ìý

60

Ìý

61

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60

​

61

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(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) 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 June 30, 2020.

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 underly 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. In periods where the Liberty Braves Group had net earnings, 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 June 30,

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Six months ended June 30,

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2020

ÌýÌýÌýÌý

2019

ÌýÌýÌýÌý

2020

ÌýÌýÌýÌý

2019

​

​

ÌýÌýÌýÌý

amountsÌýinÌýmillions

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Basic earnings (loss) attributable to Liberty Braves stockholders

$

(38)

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26

​

15

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(45)

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Unrealized (gain) loss on the intergroup interests

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7

​

2

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(88)

​

28

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Diluted earnings (loss) attributable to Liberty Braves stockholders

$

(31)

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28

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(73)

​

(17)

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Formula One Group Ìý
Reconciliation of Basic and Diluted Weighted Average Shares

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Three months ended June 30,

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Six months ended June 30,

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2020 (a)

ÌýÌýÌýÌý

2019 (a)

ÌýÌýÌýÌý

2020 (a)

​

2019 (a)

​

​

​

numbersÌýofÌýsharesÌýinÌýmillions

​

Basic WASO

Ìý

232

Ìý

231

​

232

​

231

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Potentially dilutive shares

Ìý

5

Ìý

2

​

6

​

2

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Diluted WASO (b)

Ìý

237

Ìý

233

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238

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233

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(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 Formula One shares representing the Liberty SiriusXM Group’s intergroup interest in the Formula One Group is 5,271,475 shares as of June 30, 2020. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the Liberty
SiriusXM Group has an attributed value in the Formula One Group which is generally stated in terms of a number of shares of stock issuable to the Liberty SiriusXM Group with respect to its interest in the Formula One 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 Formula One common stock. However, Liberty has assumed that the notional shares (if and when issued) would be comprised of Series A Liberty Formula One common stock since Series A Formula One common stock underly the 1.375% convertible bonds. ÌýTherefore, the market price of Series A Liberty Formula One 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. In periods where the Formula One Group had net earnings, 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 interest to fair value during the period as follows:

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Three months ended June 30,

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Six months ended June 30,

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​

2020

ÌýÌýÌýÌý

2019

ÌýÌýÌýÌý

2020

ÌýÌýÌýÌý

2019

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​

ÌýÌýÌýÌý

amountsÌýinÌýmillions

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Basic earnings (loss) attributable to Formula One stockholders

$

(200)

​

(77)

​

(543)

​

(225)

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Unrealized (gain) loss on the intergroup interest

​

28

​

NA

​

28

​

NA

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Diluted earnings (loss) attributable to Formula One stockholders

$

(172)

​

(77)

​

(515)

​

(225)

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