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Earnings per Common Share | 6 Months Ended
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Jun. 30, 2016
Earnings Per Share [Abstract] |
Earnings per Common Share |
8. | Earnings per Common Share
Basic earnings per common share (“EPS”) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations follows.
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(In millions, except per share data) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to Navient Corporation |  | $ | 125 |  |  | $ | 182 |  |  | $ | 305 |  |  | $ | 474 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average shares used to compute basic EPS |  |  | 322 |  |  |  | 381 |  |  |  | 331 |  |  |  | 389 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dilutive effect of stock options, non-vested restricted stock, restricted stock units and Employee Stock Purchase Plans (“ESPPs”)(1) |  |  | 6 |  |  |  | 6 |  |  |  | 4 |  |  |  | 7 |
Dilutive potential common shares(2) |  |  | 6 |  |  |  | 6 |  |  |  | 4 |  |  |  | 7 |
Weighted average shares used to compute diluted EPS |  |  | 328 |  |  |  | 387 |  |  |  | 335 |  |  |  | 396 |
Basic earnings (loss) per common share attributable to Navient Corporation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | .39 |  |  | $ | .48 |  |  | $ | .92 |  |  | $ | 1.22 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | .39 |  |  | $ | .48 |  |  | $ | .92 |  |  | $ | 1.22 |
Diluted earnings (loss) per common share attributable to Navient Corporation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | .38 |  |  | $ | .47 |  |  | $ | .91 |  |  | $ | 1.20 |
Discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | .38 |  |  | $ | .47 |  |  | $ | .91 |  |  | $ | 1.20 |
(1) | Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, non-vested restricted stock, restricted stock units, and the outstanding commitment to issue shares under applicable ESPPs, determined by the treasury stock method.
(2) | For the three months ended June 30, 2016 and 2015, stock options covering approximately 5 million and 3 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive. For the six months ended June 30, 2016 and 2015, stock options covering approximately 5 million and 3 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

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