23. EARNINGS PER COMMON SHARE

Basic earnings per share is computed by dividing net income available to Bunge common shareholders by the weighted-average number of common shares outstanding, excluding any dilutive effects of stock options, restricted stock unit awards, convertible preference shares and convertible notes during the reporting period. Diluted earnings per share is computed similar to basic earnings per share, except that the weighted-average number of common shares outstanding is increased to include additional shares from the assumed exercise of stock options, restricted stock unit awards and convertible securities and notes, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options, except those which are not dilutive, were exercised and that the proceeds from such exercises were used to acquire common shares at the average market price during the reporting period. In addition, Bunge accounts for the effects of convertible securities and convertible notes, using the if-converted method. Under this method, the convertible securities and convertible notes are assumed to be converted and the related dividend or interest expense, net of tax, is added back to earnings, if dilutive.

The following table sets forth the computation of basic and diluted earnings per common share:

	Year Ended December 31,
(US$ in millions, except for share data)	2015			2014			2013
Income from continuing operations	$	755		$	485		$	110
Net (income) loss attributable to noncontrolling interests		1			(2	)		99

Income (loss) from continuing operations attributable to Bunge		756			483			209

Other redeemable obligations(1)		(19	)		(14	)		(42	)
Convertible preference share dividends		(34	)		(34	)		(34	)
Income (loss) from discontinued operations, net of tax		35			32			97

Net income (loss) available to Bunge common shareholders	$	738		$	467		$	230


Weighted-average number of common shares outstanding:
Basic		143,671,546			146,209,508			147,204,082
Effect of dilutive shares:
—stock options and awards(2)		749,031			1,021,270			1,053,227
—convertible preference shares(3)		7,818,390			—			—

Diluted		152,238,967			147,230,778			148,257,309


Basic earnings per common share:
Net income (loss) from continuing operations	$	4.90		$	2.98		$	0.91
Net income (loss) from discontinued operations		0.24			0.22			0.66

Net income (loss) to Bunge common shareholders—basic	$	5.14		$	3.20		$	1.57


Diluted earnings per common share:
Net income (loss) from continuing operations	$	4.84		$	2.96		$	0.90
Net income (loss) from discontinued operations		0.23			0.21			0.65

Net income (loss) to Bunge common shareholders—diluted	$	5.07		$	3.17		$	1.55

(1)Accretion of redeemable noncontrolling interest of $19 million, $14 million and $42 million for the years ended December 31, 2015, 2014 and 2013, respectively, relates to a non-fair value variable put arrangement whereby the noncontrolling interest holder may require Bunge to purchase the remaining shares of an oilseed processing operation in Central and Eastern Europe. Accretion for the respective periods includes the effect of losses incurred by the operations for the years ended December 31, 2015, 2014 and 2013, respectively.

(2)The weighted-average common shares outstanding-diluted excludes approximately 3 million, 2 million and 3 million stock options and contingently issuable restricted stock units, which were not dilutive and not included in the computation of earnings per share for the years ended December 31, 2015, 2014 and 2013, respectively.

(3)Weighted-average common share outstanding-diluted for the years ended December 31, 2014 and 2013 excludes approximately 8 million weighted-average common shares that are issuable upon conversion of the convertible preference shares that were not dilutive and not included in the weighted-average number of common shares outstanding.