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EARNINGS PER SHARE | 3 Months Ended
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Mar. 31, 2016
EARNINGS PER SHARE | 4. EARNINGS PER SHARE The numerator for both basic and diluted earnings per share (EPS) is either net income, income from continuing operations, or income from discontinued operations. The denominator for basic EPS is the weighted-average number of common shares outstanding during the period. The dilutive effect of outstanding stock options, restricted stock units (RSUs) and performance share units (PSUs) is reflected in the denominator for diluted EPS using the treasury stock method. The following is a reconciliation of basic shares to diluted shares.
|  | Three months ended |
|  | March 31, |
(in millions) |  | 2016 |  |  | 2015 |
Basic shares |  |  | 549 |  |  |  | 543 |
Effect of dilutive securities |  |  | 3 |  |  |  | 5 |
Diluted shares |  |  | 552 |  |  |  | 548 |
The effect of dilutive securities included unexercised stock options, unvested RSUs and contingently issuable shares related to granted PSUs. The computation of diluted EPS excluded 20 million and 9 million equity awards for the three months ended March 31, 2016 and 2015, respectively, because their inclusion would have had an anti-dilutive effect on diluted EPS. Refer to Note 9 for additional information regarding items impacting basic shares. Stock repurchases In July 2012, the Board of Directors authorized the repurchase of up to $2.0 billion of the company’s common stock. During the first quarter of 2016, the company did not repurchase any shares and has $0.5 billion remaining available under the authorization as of March 31, 2016.

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