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General Mills Reports Fiscal 2013 First Quarter Results

(5) For the first quarter of fiscal 2013, unallocated corporate items totaled $21 million of income compared to $88 million of expense in the same period last year. We recorded an $82 million net decrease in expense related to the mark-to-market valuations of certain commodity positions and grain inventories in the first quarter of fiscal 2013, compared to a $38 million net increase in expense in the first quarter of fiscal 2012. In addition, pension expense increased $10 million as compared to the same quarter last year.

(6) Basic and diluted earnings per share (EPS) were calculated as follows:
Quarter Ended
In Millions, Except per Share Data    

Aug. 26, 2012

Aug. 28, 2011
Net earnings attributable to General Mills   $ 548.9   $ 405.6
Average number of common shares - basic EPS 650.4 647.9
Incremental share effect from: (a)
Stock options 12.4 14.4
Restricted stock, restricted stock units, and other     4.6     4.7
Average number of common shares - diluted EPS     667.4     667.0
Earnings per share - basic $ 0.84 $ 0.63
Earnings per share - diluted   $ 0.82   $ 0.61

(a) Incremental shares from stock options and restricted stock units are computed by the treasury stock method.

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