Basic earnings per share computations are based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share include any dilutive effect of potential common shares. In periods with a net loss from continuing operations available to common shareholders, diluted earnings per share are calculated using weighted-average basic shares for that period, as utilizing diluted shares would be anti-dilutive to loss per share.

A reconciliation of the amounts used to calculate basic and diluted earnings per share for three months ended March 31, 2019 follows (in millions):

	Three Months Ended
	March 31,
(in millions)	2019			2018
Loss from continuing operations	$	(12	)	$	(25	)
Less: Series A convertible preferred stock cash dividend		(3	)		(3	)
Less: Series A convertible preferred stock deemed dividend		(2	)		(2	)
Loss from continuing operations available to common shareholders - basic and diluted	$	(17	)	$	(30	)

Net Loss	$	(18	)	$	(25	)
Less: Series A convertible preferred stock cash dividend		(3	)		(3	)
Less: Series A convertible preferred stock deemed dividend		(2	)		(2	)
Loss available to common shareholders - basic and diluted	$	(23	)	$	(30	)

(in millions of shares)
Weighted average shares - basic and diluted			42.9				42.6

As a result of the net loss from continuing operations available to common shareholders for the three months ended March 31, 2019 and 2018, Kodak calculated diluted earnings per share using weighted-average basic shares outstanding for those periods. If Kodak reported earnings from continuing operations available to common shareholders for the three months ended March 31, 2019 and 2018, the calculation of diluted earnings per share would have included the assumed conversion of 0.4 million and 0.3 million of unvested restricted stock units, respectively.

The computation of diluted earnings per share for the three months ended March 31, 2019 and 2018 excluded the impact of (1) the assumed conversion of 2.0 million shares of Series A convertible preferred shares and (2) the assumed conversion of outstanding employee stock options of 7.0 million and 5.0 million, respectively, because the effects would have been anti-dilutive. In addition, the computation of diluted earnings per share for the three months ended March 31, 2018 excluded the impact of (1) the assumed conversion of net share settled warrants to purchase 1.8 million shares of common stock at an exercise price of $14.93 and (2) the assumed conversion of net share settled warrants to purchase 1.8 million shares of common stock at an exercise price of $16.12 because the effects would have been anti-dilutive. The net share settled warrants terminated at the close of business on September 3, 2018.