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EARNINGS PER SHARE

9 Months Ended

Sep. 24, 2016

EARNINGS PER SHARE

NOTE 7. EARNINGS PER SHARE

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

		Third Quarter								Year-to-Date
(In millions, except per share amounts)		2016				2015				2016				2015
Basic Earnings Per Share
Numerator:
Net income from continuing operations		$	330			$	42			$	624			$	60
Loss from discontinued operations, net of tax			(286	)			(36	)			(324	)			(67	)
Net income (loss)		$	44			$	6			$	300			$	(7	)
Denominator:
Weighted-average shares outstanding			535				548				545				546
Basic earnings (loss) per share:
Continuing operations		$	0.62			$	0.08			$	1.15			$	0.11
Discontinued operations			(0.54	)			(0.07	)			(0.60	)			(0.12	)
Net earnings (loss)		$	0.08			$	0.01			$	0.55			$	(0.01	)
Diluted Earnings Per Share
Numerator:
Net income from continuing operations		$	330			$	42			$	624			$	60
Loss from discontinued operations, net of tax			(286	)			(36	)			(324	)			(67	)
Net income (loss)		$	44			$	6			$	300			$	(7	)
Denominator:
Weighted-average shares outstanding			535				548				545				546
Effect of dilutive securities:
Stock options and restricted stock			10				8				8				9
Diluted weighted-average shares outstanding			545				556				553				555
Diluted earnings (loss) per share
Continuing operations		$	0.61			$	0.08			$	1.13			$	0.11
Discontinued operations			(0.54	)			(0.07	)			(0.60	)			(0.12	)
Net earnings (loss)		$	0.08			$	0.01			$	0.54			$	(0.01	)

Awards of stock options and nonvested shares representing approximately 6 million and 7 million additional shares of common stock were outstanding for the third quarter and year-to-date 2016, respectively, and 3 million and less than 1 million for the third quarter and year-to-date 2015, respectively, but were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive. Additionally, the Stock options and restricted stock amounts are not included in the Diluted Earnings Per Share amounts of the Loss from discontinued operations, net of tax and the year-to-date 2015 Net earnings (loss) as the impacts would have been antidilutive.

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1278-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1252-109256

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=65016374&loc=d3e4984-109258

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688

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