Financial comparison between two industry giants EBay and Amazon. My teammates and I computed the financial ratios for both companies and based on our results we analyzed the performance of the latter two.

1. VS.
Finance 210
Group Case Analysis
Dr. Samer Saade
April 16, 2013
Done By:
Laian Hammoud
Leen Kurbah
Anas Rihawi
Mona Zahran

2. Introduction:
Amazon is an American multinational electronic commerce company. It started as
an online bookstore, however after some time it grew much larger to an extent
where it diverged and started selling all sort of things. Amazon now sells
electronics, software, furniture, jewelry, toys, as well as food. It is the largest
online retailer in the world, which is why we chose to assess Amazon’s financial
position. It was founded in 1994, by Jeff Bezos who is current the Chairman,
President, and CEO. Moreover, its shares are traded on NASDAQ under the ticker
AMZN.
EBay, which is Amazon’s top competitor, is also an American multinational
electronic commerce company. The feature which makes eBay unique is the
“online auction” which it does every once and a while, which caused people to buy
things on the spot rather than taking the time to think about the deal. It was
founded in 1995, by Pierre Omidyar who is the current chairman. Its shares are
also traded on NASDAQ just like Amazon under the ticker eBay. Two of its
popular slogans include:
"Buy it New, Buy it Now"

3. "When it's on your mind, it's
on eBay
Vs.
Short Term Solvency Ratios:
AmazonEBAY
Ratio
Current Ratio
Quick Ratio
Cash Ratio
NWC to Total
Assets
Formula
CA/CL
(CA-Inventory)/CL
Cash/CL
NWC/TA
2010
1.325
1.01
0.84
0.179
2011
1.174
0.83
0.64
0.10
2011
1.8
1.8
0.88
0.4
Amazon had its liabilities covered 1.325 times in 2010. Since the ratio is greater
than 1.2, Amazon was quiet liquid in 2010. Comparing the 2010 figures to that of
2011, the current ratio dropped to 1.17 indicating that Amazon covered its
liabilities 1.17 times in 2011. On the other hand, EBay’s current ratio in 2011 is 1.8
indicating that EBay is more liquid than Amazon in the same year. EBay’s
liabilities are covered 1.8 times over.
Note that we cannot compare the quick ratio of Amazon to that of EBay
considering the fact that the financial statements of eBay report 0 Inventory.
Comparing the quick ratio of Amazon in 2010 to that of 2011, we notice a decrease
in the quick ratio and an increase in inventory. Having a look at the financial
statements, Amazon’s inventory increased by approximately 4,000.
The cash ratio significantly indicates that Amazon has more cash and cash
equivalents on hand to pay of its current debt in 2010 than in 2011. EBay on the
other hand has more cash and cash equivalents on hand to pay of its current
liabilities than Amazon. EBay is managing its cash on hand in a good way in
comparison to Amazon.

4. The net working capital to total assets reveals a similar story. Amazon’s ratio in
2010 was quiet low indicating low levels of liquidity (0.179) and this value drop to
even a lower level in 2011 (0.1). In comparison to EBay, EBay seems to report a
higher ratio in comparison to Amazon but at the same time the ratio is quiet low.
Vs.
Profitability Ratios:
AmazonEBAY
Ratio
ROA
ROE
Profit Margin
Formula
NI/TA
NI/TE
NI/Sales
2010
0.06
0.167
3.36%
2011
0.024
0.0813
1.312%
2011
0.11
0.18
27%
It is clear that Amazon has suffered a bit during the year of 2011. Its Profit margin
declined from 3.36% to 1.31%. The data shows a decline in the net income rather
than a decline in sales. This is the reason behind the decrease in Amazon’s profit
margin. Whereas for EBay, its profit margin indicates that for every dollar in sales
generates about 27 cents in profit. This indicates that when it comes to generating
profit EBay is more successful than Amazon. A high profit margin is desirable.
The second ratio is the Return on Assets ratio, which is a measure of profit per
dollar of assets. Comparing the ratios, it is obvious that there is a decline in the
return on assets. In 2010, Amazon reported a 6% return on asset indicating that 1$
in assets generates 6 cents in profit which is relatively high compared to that of
2011 where 1 $ of Amazon’s assets generated about 2.4 cents. Amazon seems to
have had some sort of backlash during the year of 2011. EBay on the other hand,
was successful in maintaining a high return on asset where it reported a return on
asset of 0.11 during the year of 2011 indicating that 1$ of assets generates a little
more than 10 cents in profit.
Same story for the ROE! The ROE is a measure of the profit per 1 $ of equity.
EBay reported a higher ROE than Amazon in both years, and Amazon reported a
lower ROE in year 2011 compared to year 2010. The data shows that Amazon’s

5. total shareholder’s equity increased from year 2010 to 2011, this is probably the
reason why the ROE is lower in year 2011 than that of year 2010.
Vs.
Market Value Measures:
AmazonEBAY
Number of
Outstanding
Shares
Close Price
EPS=NI/NOS
PE ratio=Price per
share/EPS
Market to book
Value=MV per
share/BV per share
2010
451
2011
455
2011
1,286,487
180
2.554
70.4
173.10
1.386
124.89
30.33
0.00251
12,083
11.82
10.15
2,176.2
Price Earnings Ratio is a good measure of how investors are willing to pay per
dollar of current earnings. Amazon’s PE ratio increased during the two years.The
Market-to book value ratio compares the market value of the firm’s investment to
their cost. A market to book value ratio less than 1 indicates that the firm did not
succeed in creating value for its stockholders which is a corporation’s main goal.
Amazon and EBay both succeeded in creating a value for their shareholders by
maintaining a market to book value ratio greater than 1. Comparing the two
companies when it comes to market value may be a bit hard, considering the fact
that the two are significantly different when it comes to the price and the number
of outstanding shares.

6. Vs.
Long-term solvency ratios:
Ratio
Formula
Total-debt ratio
TD/TA
Debt-equity ratio
TD/TE
Equity Multiplier
TA/TE
Long-Term Debt
LTD/(LTD+TE)
Ratio
Times Interest
EBIT/Interest
earned ratio
Cash Coverage (EBIT+Depreciation)/Interest
2010
0.634
1.738
2.73
0.085
2011
0.69
2.258
3.25
0.15
2011
0.34
0.52
1.52
0.078
39.5
15.18
157.2144
56.4
45.2
194.7674
Total debt ratio is a ratio that explains how much total liabilities are within a
company as a ratio of total assets. It defines how much a company owes its
creditors. The total debt ratio for Amazon increases from 0.634 in 2010 to 0.69 in
2011. This can be interpreted as, in 2010 for every 1$ in assets, Amazon uses
approximately 63 cents debt whereas in 2011 Amazon uses approximately 69 cents
of debt for every 1$ in assets. This increase is approximately an 8% increase in the
use of debt from 2010 to 2011. The total debt ratio for EBay is 0.34 in 2011. This
may be interpreted as, for every 1$ in total assets, eBay uses 34 cents in debt. This
is sufficiently less than that of its competitor Amazon by 0.35 less.
The Debt to equity ratio is another debt management ratio. Amazon’s debt to
equity ratio increased from 1.738 in 2010 to 2.258 in 2011. In 2010, every 1$ of
equity Amazon used 1.738 $ of debt similarly in 2011, Amazon used 2.258$ of
debt for every 1$ of equity. Since in both years the ratio is greater than 1, this

7. indicated that financing by debt is greater than financing by equity, and the
increase in the ratio is due to an increase in in debt from 11,933 to 17,521 which is
a significant increase. EBay on the other hand succeeded in maintaining a debt to
equity ratio less than 1 indicating that financing by equity is much greater than
financing by debt. (0.52)
The Long term debt ratio reveals as well an increase for Amazon from 0.085(2010)
to 0.15(2011) .The important significance of the LTD ratio is when compared to
the total debt ratio one can indicate whether the company relies on long term debt
or short term debt. In 2011, Amazon relies more on long-term debt compared to
2011. EBay, on the other hand seems to rely less on long term debt and probably
more on short term debt since it reports a low LTD ratio(0.078) Having a look at
the financial statements EBay has 1,525.047 only in Long term debt which is
relatively way less than the sum of the current(short-term liabilities) of EBay.
The Time Interest Earned and the Cash Coverage ratio are similar. The TIE is one
ratio that is used to persuade creditors to have more access to loans (more
borrowing). It indicates the capacity to borrow and pay interest. Amazon’s TIE
ratio decreased from 2010 to 2011 to almost half, indicating some trouble in
covering the interest bill. On the other hand, EBay’s TIE ratio is significantly
larger than Amazon’s which indicates that EBay might be able to persuade
creditors to borrow more than Amazon. The Cash Coverage ratio is an indication
of the firm’s ability to generate cash flows from operations, EBay in 2011 excels in
generating cash from operations reporting a significantly high Cash coverage ratio
in comparison to that of Amazon in both years, and as the rest of the data and
ratios indicate the cash coverage of amazon declined from 2010 to 2011.

8. Vs.
Asset Management Ratios:
Ratio
Inventory
Turnover
Days’ Sales in
Inventory
Receivables’
Turnover
Days’ Sales in
Receivables
NWC Turnover
Fixed Assets
Turnover
Total Asset
Turnover
Formula
COGS/SALES
365/Inventory
Turnover
Sales/AR
365/Receivables’
Turnover
Sales/NWC
Sales/NFA
Sales/TA
2010
8.12
times
45
days
25.83
2011
7.269
times
49
days
22.5
2011
No Inventory
14
days
10.1
times
14.16
times
1.81
times
16
days
18.534
times
10.884
times
1.89
times
194 days
No Inventory
1.88
1.96 times
5.8 times
0.42 times
Note that we cannot compare Amazon and EBay when it comes to Inventory
Turnover and Days’ Sale in Inventory because the data indicates a zero level of
inventory. There’s a small increase in the inventory turnover of Amazon from
2010(8.12 times) to 7.269 times in 2011. This indicates that in 2010 Amazon Inc.
turned its inventory approximately 8.24 times whereas in 2011 Amazon sold off its
entire inventory 7.296 times. A high inventory turnover ratio indicates that we are
managing our inventory more efficiently. The Days’ Sales of inventory indicates
an increase from 45 days to 49 days, instead of sitting 45 days before its sold,
inventory now sits a little less than 50 days before it is sold.

9. Receivable turnover is another asset management ratio. Amazon’s receivable
turnover decreased from 2010(25.83) indicating that Amazon collected and
reloaned money 25.83 timesto 22.5 in 2011 where Amazon was able to collect and
reloan money about 22.5 . However, EBay’s receivable turnover is quite low
(1.88). A low receivable turnover indicates weakness of a company unless the
company intentionally extends credit to its customers for a longer period of time
perhaps to gain some sort of competitive advantage. The reason probably EBay
reports a low Receivable is due to the low level of sales in comparison to the
Amazon. The Day’s Sale of Receivable indicates that Amazon collects on its credit
sales in 14 days which increased to 19 days in 2011. As for EBay the average
collection period is 194 days which indicates that EBay collects on its credit sales
in 194 days. It is quite high; a low days’ sales receivable is desirable. A high day’
sales of receivables indicate doubtful accounts or lenient collection of accounts
receivables.
We turn to the total asset turnover. Amazon’s total asset turnover increased from
1.81 (2010) to 1.89(2011). In 2010, every 1$in asset was able to generate1.81$ in
sales, a slight increase in the total asset turnover ratio, in 2011 every 1$in asset
generated. Taking a look at the financial statements we notice that the sales
increased by almost 13,873 $. EBay on the other hand is able to generate in 2011
approximately 0.42 $ (42 cents) in 1$ of assets. We notice that the sales of Amazon
are approximately equal to 4 times the sales of EBay. Amazon is successful in
generating sales more than EBay.

10. Recommendations:
Short term solvency:
As seen above, the current ratio fell from 1.32to 1.17. As the current
ratio fell to a value below 1.2, Amazon may consider managing its
current liabilities. It may do so by limiting dependence on account
payables and other short term debt. Furthermore, the quick ratio
mirror imaged the current ratio and declined from 1 to 0.8. This
suggests that Amazon’s dependence on inventory may be limited by
using other forms of production processes (just in time production or
cross docking). By managing the inventory levels, other aspects of the
company will also be ameliorated such as the inventory turnover and
the day’s sales in inventory.
Profitability:
Amazon’s profit margin decreased from 3.2% to 1.3% from year 2010
to 2010 indicating that the Net income (profit) decreased from year 2010
to year 2011. It should consider managing its expenses such as cost of
goods sold (increase in Cogs), interest expense, and sundry expenses.
Long term solvency ratio:
The total Debt ratio shows that Amazon relies on debt considering that
the total debt ratio increased in 2011. When comparing the Total debt
ratio to the long term debt ratio, we conclude that Amazon relies on
short term debt which is relatively more expensive than relying on long
term debt where short term debt bears an interest that might reach
30% of the debt’s face value.

11. Appendix A
Amazon:
Formula
1.Profitabili
ty
Measures:
Return on
NI/TA
Assets
Return on
NI/TE
Equity
Profit
NI/SALES
Margin
2.Asset
Manageme
nt Ratio:
Inventory
Turnover
Days’ Sales
in
Inventory
Receivables
’ Turnover
Days’ Sales
in
Receivables
NWC
Turnover
Fixed
Assets
Turnover
Total Asset
Turnover
3.Shortterm
COGS/Inventory
365/Inventory Turnover
Sales/AR
365/Receivables’
Turnover
Sales/NWC
Sales/NFA
Sales/TA
2010
2011
(1,152/18,797)*100
=6.13%
(1,152/6,864)*100
=16.78%
(1,152/34,204)*100
=3.36%
(631/25,278)*100
=2.49%
(631/7,757)*100
=8.13%
(631/48,077)*100
=1.31%
26,009/3,202
=8.12 times
365/8.12
=50 days
36,288/4,922
=7.27 times
365/7.27
=50 days
34204/1,324
=25.83 times
365/25.83
=14 days
48,077/2,134
=22.53 times
365/22.53
=16 days
34,204/(13,747-10,372)
=10.13 times
34,204/2,414
=14.16 times
48,077/(17.490-14,896)
=18.53 times
48,077/4,417
=10.88 times
34,204/18,797
=1.81 times
48,077/25,278
=1.89 times

12. solvency
ratios:
Current
Ratio
Quick Ratio
CA/CL
Cash Ratio
Cash/CL
NWC to
Total
Assets
Interval
Measure
NWC/TA
4.Longterm
Solvency
ratios:
Total-debt
ratio
Debt-equity
ratio
Equity
Multiplier
Long-Term
Debt Ratio
Times
Interest
earned
ratio
Cash
Coverage
5.Market
Value
Ratios:
Number of
outstandin
g shares
Close Price
Price Sales
Ratio
13.747/10,372
=1.33
(13,747-3,202)/10,372
=1.01
8,762/10,372
=0.84
3,375/18,797
=0.18
17,490/14,896
=1.17
(17,490-4,992)/14,896
=0.83
9,576/14,896
=0.64
2,594/25,278
=0.10
CA/Average daily
operating expenses
13,747/{(1,152+657+39)/
365}
=193 days
17,490/{(631+65+1,149)/
365}
=3463.37 days
TD/TA
11,933/18,797
=0.63
11,933/6,864
=1.74
18,797/6,864
=2.73
641/(641+6,864)
=0.085
17,521/25,278
=0.69
17,521/7,757
=2.26
25,278/7,757
=3.25
(CA-Inventory)/CL
TD/TE
TA/TE
LTD/(LTD+TE)
EBIT/Interest
(1,504+39)/39
=39.56
(EBIT+Depreciation)/Inte (1,504+39+657)/39
rest
=56.49
1,415/(1,415+7,757)
=0.15
(922+65)/65
=15.18
(922+65+1,149)/65
45.2
451
Price per share/sales per
share
455
180
180/(34,204/451)
=2.37
173.10
173.10/(48,077/455)
=1.64

13. PE Ratio
Market to
book value
Price per share/earnings
per share
MV per share/BV per
share
180/(1,152/451)
=70.5
180/(6,864/451)
=11.8
173.10/(631/455)
=124.82
173.10/(7,757/455)
=10.15
EBay:
1.Profitability
Measures:
Return on
Assets
Return on
Equity
Profit Margin
2.Asset
Management
Ratios:
Inventory
Turnover
Days’ Sales in
Inventory
Receivables’
Turnover
Days’ Sales in
Receivables
NWC
Turnover
Fixed Assets
Turnover
Total Asset
Turnover
Formula
2011
NI/TA
3,229.387/27,320.218
=0.11
3,229.387/17,929.879
=0.18
3,229.387/11,651.654
=0.27
NI/TE
NI/SALES
COGS/INVENTORY
No Inventory
365/Inventory turnover
No Inventory
Sales/AR
11,651.654/6,195.280
=1.88
365/1.88
=194 days
365/Receivables’ turnover
Sales/NWC
Sales/NFA
Sales/TA
3.Short-term
solvency
ratios:
Current Ratio
CA/CL
Quick Ratio
(CA-Inventory)/CL
11,651.654/5,927.25
=1.96 times
11,651.654/
=5.8 times
11,651.654/27,320.218
=0.42 times
12,661.454/6,734.204
=1.8
(12,661.454-0)/6,734.204
=1.8

14. Cash Ratio
Cash/CL
NWC to Total
Assets
Interval
Measure
NWC/TA
Long-term
Solvency
ratios:
Total-debt
ratio
Debt-equity
ratio
Equity
Multiplier
Long-Term
Debt Ratio
Times
Interest
earned ratio
Cash
Coverage
CA/Average daily operating
expenses
TD/TA
TD/TE
TA/TE
LTD/(LTD+TE)
EBIT/INTEREST
Market to
book value
9,390.339/27,320.218
=0.34
9,390.339/17,929.879
=0.52
27,320.218/17,929.879
= 1.52
1,525.047/(1,525.047+17,929.879)
=0.078
(3,910.046+25.03)/25.03
=157.21
(EBIT+Depreciation)/Interest (3,910.046+25.03+939.953)/25.03
=194.77
Market Value
Ratios:
Number of
outstanding
shares
Close Price
Price Sales
Ratio
PE Ratio
5,929.402/6,734.204
=0.88
5,927.25/27,320.218
=0.4
12,661.454/{(3,229.387+25.03+939.953)/365}
=1101.82 days
1,286,487
30.33
Price per share/sales per
share
Price per share/earnings per
share
MV per share/BV per share
30.33/(11,651.654/1,286,487)
=3.35
30.33/(3,229.387/1,286,487)
=12.09
30.33/(17,929.879/1,286,487)
=2.18

15. Appendix B
Name: EBay Inc.
STATEMENT OF FINANCIAL POSITION
Fiscal Year:
(FYR Ending):
2011
2012
(31DEC2011 )
( N/A )
ASSETS
Cash & Equivalents
5,929.402
Receivables - Total (Net)
6,195.280
Inventories - Total
.000
Prepaid Expenses
169.491
Current Assets - Other
367.281
Current Assets - Total
12,661.454
Plant, Property & Equip (Gross)
4,876.782
Accumulated Depreciation
2,890.566
Plant, Property & Equip (Net)
1,986.216
Investments at Equity
Investments and Advances - Other
2,451.421
Intangibles
9,771.369
Deferred Charges
Assets - Other
TOTAL ASSETS
449.758
27,320.218
LIABILITIES
Accounts Payable
4,250.652
Notes Payable
550.000
Accrued Expenses
977.018
Taxes Payable
297.686

16. Debt (Long-Term) Due In One Year
14.601
Other Current Liabilities
644.247
Total Current Liabilities
6,734.204
Long Term Debt
1,525.047
Deferred Taxes (Balance Sheet)
Investment Tax Credit
.000
Liabilities - Other
1,131.088
Noncontrolling Interest - Redeemable
.000
TOTAL LIABILITIES
9,390.339
SHAREHOLDERS' EQUITY
Preferred Stock
.000
Common Stock
1.535
Capital Surplus
11,144.832
Retained Earnings (Net Other)
13,938.933
Less: Treasury Stock
7,155.421
Shareholders Equity - Parent
17,929.879
Noncontrolling Interest - Nonredeemable
TOTAL SHAREHOLDERS EQUITY
17,929.879
TOTAL LIABILITIES AND EQUITY
27,320.218
INCOME STATEMENT
Fiscal Year:
(FYR Ending):
Sales (Net)
Cost of Goods Sold
Gross Profit
2011
2012
(31DEC2011 )
( N/A )
11,651.654
2,787.605
8,864.049
Selling, General, & Admin Expenses
5,493.026
Operating Income Before Depreciation
3,371.023
Depreciation, Depletion, &Amortiz
939.953
Operating Income After Depreciation
2,431.070
Interest Expense
25.030
Non-Operating Income/Expense
74.927
Special Items
Pretax Income
1,429.079
3,910.046

17. Income Taxes - Total
680.659
Minority Interest
Income Before EI&DO
3,229.387
Extraordinary Items
.000
Discontinued Operations
.000
Net Income (Loss)
3,229.387
Income Before EI&DO
3,229.387
Preferred Dividends
.000
Available for Common Before EI&DO
Common Stock Equivalents - Savings
Adjusted Available for Common
3,229.387
.000
3,229.387
EARNINGS PER SHARE
EPS - Primary, Excluding EI&DO
2.500
EPS - Primary, Including EI&DO
2.500
EPS - Fully Diluted, Excluding EI&DO
2.460
EPS - Fully Diluted, Including EI&DO
2.460
COMMON SHARES
Common Shares for Primary EPS Calculation
1,292.775
Common Shares for Fully Diluted EPS Calc.
1,312.950
Common Shares Outstanding at Fiscal Yr End
1,286.487

18. Name: Amazon Inc.
STATEMENT OF FINANCIAL POSITION
Fiscal Year:
(FYR Ending):
2010
2011
(31DEC2010 )
(31DEC2011 )
ASSETS
Cash & Equivalents
8,762.000
9,576.000
Receivables - Total (Net)
1,324.000
2,134.000
Inventories - Total
3,202.000
4,992.000
.000
.000
459.000
788.000
13,747.000
17,490.000
3,256.000
5,786.000
Accumulated Depreciation
842.000
1,369.000
Plant, Property & Equip (Net)
2,414.000
4,417.000
279.000
266.000
.000
.000
1,912.000
2,602.000
.000
.000
445.000
503.000
18,797.000
25,278.000
8,051.000
11,145.000
.000
.000
Prepaid Expenses
Current Assets - Other
Current Assets - Total
Plant, Property & Equip (Gross)
Investments at Equity
Investments and Advances - Other
Intangibles
Deferred Charges
Assets - Other
TOTAL ASSETS
LIABILITIES
Accounts Payable
Notes Payable
Accrued Expenses
Taxes Payable
Debt (Long-Term) Due In One Year
Other Current Liabilities
Total Current Liabilities
Long Term Debt
Deferred Taxes (Balance Sheet)
.000
.000
224.000
524.000
2,097.000
3,227.000
10,372.000
14,896.000
641.000
1,415.000

19. Investment Tax Credit
.000
.000
920.000
1,210.000
.000
.000
11,933.000
17,521.000
.000
.000
Liabilities - Other
Noncontrolling Interest - Redeemable
TOTAL LIABILITIES
SHAREHOLDERS' EQUITY
Preferred Stock
Common Stock
5.000
5.000
Capital Surplus
6,325.000
6,990.000
Retained Earnings (Net Other)
1,134.000
1,639.000
Less: Treasury Stock
600.000
877.000
6,864.000
7,757.000
.000
.000
TOTAL SHAREHOLDERS EQUITY
6,864.000
7,757.000
TOTAL LIABILITIES AND EQUITY
18,797.000
25,278.000
Shareholders Equity - Parent
Noncontrolling Interest - Nonredeemable
INCOME STATEMENT
Fiscal Year:
(FYR Ending):
Sales (Net)
Cost of Goods Sold
Gross Profit
2010
2011
(31DEC2010 )
(31DEC2011 )
34,204.000
48,077.000
26,009.000
36,288.000
8,195.000
11,789.000
Selling, General, & Admin Expenses
6,131.000
9,773.000
Operating Income Before Depreciation
2,064.000
2,016.000
Depreciation, Depletion, &Amortiz
657.000
1,149.000
Operating Income After Depreciation
1,407.000
867.000
Interest Expense
Non-Operating Income/Expense
Special Items
Pretax Income
Income Taxes - Total
Minority Interest
Income Before EI&DO
39.000
65.000
136.000
120.000
.000
.000
1,504.000
922.000
352.000
291.000
.000
.000
1,152.000
631.000
Extraordinary Items
.000
.000
Discontinued Operations
.000
.000
1,152.000
631.000
Net Income (Loss)

20. Income Before EI&DO
1,152.000
631.000
Preferred Dividends
.000
.000
1,152.000
631.000
.000
.000
1,152.000
631.000
EPS - Primary, Excluding EI&DO
2.580
1.390
EPS - Primary, Including EI&DO
2.580
1.390
EPS - Fully Diluted, Excluding EI&DO
2.530
1.370
EPS - Fully Diluted, Including EI&DO
2.530
1.370
Common Shares for Primary EPS Calculation
447.000
453.000
Common Shares for Fully Diluted EPS Calc.
456.000
461.000
Common Shares Outstanding at Fiscal Yr End
451.000
455.000
Available for Common Before EI&DO
Common Stock Equivalents - Savings
Adjusted Available for Common
EARNINGS PER SHARE
COMMON SHARES

21. References:
"Amazon.com." Wikipedia. Wikimedia Foundation, 13 Apr. 2013. Web. 15 Apr. 2013.
Datamonitor. (2010&2011).Amazon Inc.: Company profile.Feb.20, 2013, from
Business Source Complete database
Datamonitor. (2011).EBay Inc.: Company profile.Feb.20, 2013, from Business Source
Complete database
"EBay." Wikipedia. Wikimedia Foundation, 14 Apr. 2013. Web. 15 Apr. 2013.
Standard & Poor’s (2010&2011).Amazon Inc...Feb.20, 2013, from Compustat database.
Standard & Poor’s (2011).EBay Inc.: Complete Financial Statements 2011.Feb. 20, 2012,
from Compustat database