Stock Issued During Period Value Per Share New Issues

[Table of Contents](#ibf86fcdc129f446cb1f3b45cc16d49fe_7)ALBEMARLE CORPORATION AND SUBSIDIARIESNotes to the Condensed Consolidated Financial Statements(Unaudited)NOTE 6—Earnings Per Share:Basic and diluted earnings per share for the three-month periods ended March 31, 2022 and 2021 are calculated as follows (in thousands, except per share amounts):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  | Three Months EndedMarch 31, |
|  |  |  |  |  | 2022 |  | 2021 |
| Basic earnings per share |  |  |  |  |  |  |  |
| Numerator: |  |  |  |  |  |  |  |
| Net income attributable to Albemarle Corporation |  |  |  |  | $ | 253,383  |  |  | $ | 95,677  |  |
| Denominator: |  |  |  |  |  |  |  |
| Weighted-average common shares for basic earnings per share |  |  |  |  | 117,066  |  |  | 112,592  |  |
| Basic earnings per share |  |  |  |  | $ | 2.16  |  |  | $ | 0.85  |  |
|  |  |  |  |  |  |  |  |
| Diluted earnings per share |  |  |  |  |  |  |  |
| Numerator: |  |  |  |  |  |  |  |
| Net income attributable to Albemarle Corporation |  |  |  |  | $ | 253,383  |  |  | $ | 95,677  |  |
| Denominator: |  |  |  |  |  |  |  |
| Weighted-average common shares for basic earnings per share |  |  |  |  | 117,066  |  |  | 112,592  |  |
| Incremental shares under stock compensation plans |  |  |  |  | 587  |  |  | 738  |  |
| Weighted-average common shares for diluted earnings per share |  |  |  |  | 117,653  |  |  | 113,330  |  |
| Diluted earnings per share |  |  |  |  | $ | 2.15  |  |  | $ | 0.84  |  |

On February 8, 2021, we completed an underwritten public offering of 8,496,773 shares of our common stock, par value $0.01 per share, at a price to the public of $153.00 per share. The Company also granted to the underwriters an option to purchase up to an additional 1,274,509 shares, which was exercised. The total gross proceeds from this offering were approximately $1.5 billion, before deducting expenses, underwriting discounts and commissions. The net proceeds were used for debt repayments and general corporate purposes.On February 24, 2022, the Company declared a cash dividend of $0.395, an increase from the prior year regular quarterly dividend. This dividend was paid on April 1, 2022 to shareholders of record at the close of business as of March 18, 2022. On May 3, 2022, the Company declared a cash dividend of $0.395 per share, which is payable on July 1, 2022 to shareholders of record at the close of business as of June 10, 2022.NOTE 7—Inventories:The following table provides a breakdown of inventories at March 31, 2022 and December 31, 2021 (in thousands):

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, |  | December 31, |
|  | 2022 |  | 2021 |
| Finished goods | $ | 656,475  |  |  | $ | 473,836  |  |
| Raw materials and work in process(a) | 276,150  |  |  | 259,221  |  |
| Stores, supplies and other | 81,168  |  |  | 79,863  |  |
| Total | $ | 1,013,793  |  |  | $ | 812,920  |  |

  
(a)Included $156.1 million and $149.4 million at March 31, 2022 and December 31, 2021, respectively, of work in process in our Lithium segment.  
NOTE 8—Investments:The Company holds a 49% equity interest in Windfield Holdings Pty. Ltd. (“Windfield”), where the ownership parties share risks and benefits disproportionate to their voting interests. As a result, the Company considers Windfield to be a variable interest entity (“VIE”), however this investment is not consolidated as the Company is not the primary beneficiary. The carrying amount of our 49% equity interest in Windfield, which is our most significant VIE, was $499.8 million and $462.3 million at March 31, 2022 and December 31, 2021, respectively. The Company’s aggregate net investment in all other entities which it considers to be VIEs for which the Company is not the primary beneficiary was $8.0 million at March 31, 2022 and December 31, 2021. Our unconsolidated VIEs are reported in Investments on the consolidated balance sheets. The Company 10
