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EARNINGS PER SHARE
 3 Months Ended
Mar. 26, 2016
EARNINGS PER SHARE

NOTE 7. EARNINGS PER SHARE

The following table represents the calculation of net earnings per common share – basic and diluted:

 

     First Quarter  
(In millions, except per share amounts)    2016      2015  

Basic Earnings Per Share

      

Numerator:

      

Net income

    $ 46       $ 45   

Denominator:

      

Weighted-average shares outstanding

      549         544   

Basic earnings per share

    $ 0.08       $ 0.08   

Diluted Earnings Per Share

      

Numerator:

      

Net income

    $ 46       $ 45   

Denominator:

      

Weighted-average shares outstanding

      549         544   

Effect of dilutive securities:

      

Stock options and restricted stock

      6         9   
  

 

 

     

 

 

  

Diluted weighted-average shares outstanding

      555         553   

Diluted earnings per share

    $ 0.08       $ 0.08   

Awards of options and nonvested shares representing an additional 6 million and 2 million shares of common stock were outstanding for the first quarters of 2016 and 2015, respectively, but were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive. For the periods presented, no tax benefits have been assumed in the weighted average share calculation in jurisdictions with valuation allowances.