EARNINGS PER SHARE

6 Months Ended

Jun. 25, 2016

NOTE 7. EARNINGS PER SHARE

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


	Second Quarter					First Half
(In millions, except per share amounts)	2016		2015			2016		2015
Basic Earnings Per Share
Numerator:
Net income (loss)	$	210	$	(58	)	$	256	$	(13	)
Denominator:
Weighted-average shares outstanding		550		547			550		546
Basic earnings (loss) per share	$	0.38	$	(0.11	)	$	0.47	$	(0.02	)
Diluted Earnings Per Share
Numerator:
Net income (loss)	$	210	$	(58	)	$	256	$	(13	)
Denominator:
Weighted-average shares outstanding		550		547			550		546
Effect of dilutive securities:
Stock options and restricted stock		10		—			7		—

Diluted weighted-average shares outstanding		560		547			557		546
Diluted earnings (loss) per share	$	0.38	$	(0.11	)	$	0.46	$	(0.02	)

Potentially dilutive stock options and restricted stock representing approximately 9 million shares for the second quarter and first half of 2015 were excluded from the diluted loss per share calculation because of the net loss in the periods.

Awards of options and nonvested shares representing approximately 7 million and 8 million additional shares of common stock were outstanding for the second quarter and first half of 2016, respectively, and less than 1 million for the second quarter and first half of 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.