15. L3’s Earnings Per Share A reconciliation of basic and diluted earnings per share (EPS) is presented in the table below. | Year Ended December 31, | | 2017 | 2016 | 2015 | | (in millions, except per share data) | Reconciliation of net income (loss):
| | | | | | | | | | Net income (loss) | $ | 693 | | $ | 724 | | $ | (225 | ) | Net income from continuing operations attributable to noncontrolling interests | | (16 | ) | | (14 | ) | | (15 | ) | Net income (loss) attributable to L3’s common shareholders | $ | 677 | | $ | 710 | | $ | (240 | ) | Earnings (loss) attributable to L3’s common shareholders:
| | | | | | | | | | Continuing operations | $ | 753 | | $ | 619 | | $ | 492 | | Discontinued operations, net of income tax | | (76 | ) | | 91 | | | (732 | ) | Net income (loss) attributable to L3’s common shareholders | $ | 677 | | $ | 710 | | $ | (240 | ) | Earnings (loss) per share attributable to L3’s common shareholders:
| | | | | | | | | | Basic:
| | | | | | | | | | Weighted average common shares outstanding | | 78.0 | | | 77.4 | | | 80.7 | | Basic earnings (loss) per share:
| | | | | | | | | | Continuing operations | $ | 9.65 | | $ | 7.99 | | $ | 6.10 | | Discontinued operations, net of income tax | | (0.97 | ) | | 1.18 | | | (9.07 | ) | Net income (loss) | $ | 8.68 | | $ | 9.17 | | $ | (2.97 | ) | Diluted:
| | | | | | | | | | Common and potential common shares:
| | | | | | | | | | Weighted average common shares outstanding | | 78.0 | | | 77.4 | | | 80.7 | | Effect of dilutive securities | | 1.6 | | | 1.4 | | | 1.2 | | Common and potential common shares | | 79.6 | | | 78.8 | | | 81.9 | | Diluted earnings (loss) per share:
| | | | | | | | | | Continuing operations | $ | 9.46 | | $ | 7.86 | | $ | 6.01 | | Discontinued operations, net of income tax | | (0.95 | ) | | 1.15 | | | (8.94 | ) | Net income (loss) | $ | 8.51 | | $ | 9.01 | | $ | (2.93 | ) |
The computation of diluted EPS excludes 0.3 million, 0.4 million and 0.6 million shares for the years ended December 31, 2017, 2016 and 2015, respectively, for share-based payment awards as they were anti-dilutive. |