The Company’s unaudited quarterly results of operations are affected, significantly in some periods, by our business acquisitions and divestitures. See Note 3.


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	(in millions, except per share data)
2015
Sales	$	2,488	$	2,543	$	2,564	$	2,871
Operating income (loss)		187		153		231		(96)
Income (loss) from continuing operations		105		120		128		(56)
Net income (loss)		109		124		(296)		(162)
Net income (loss) attributable to L-3		105		120		(299)		(166)
Basic earnings (loss) per share from continuing operations⁽¹⁾		1.23		1.41		1.56		(0.76)
Basic earnings (loss) per share⁽¹⁾		1.28		1.46		(3.74)		(2.11)
Diluted earnings (loss) per share from continuing operations⁽¹⁾		1.20		1.39		1.54		(0.76)
Diluted earnings (loss) per share⁽¹⁾		1.25		1.44		(3.68)		(2.11)
2014
Sales	$	2,670	$	2,702	$	2,653	$	2,961
Operating income		266		217		235		294
Income from continuing operations		163		131		146		205
Net income		172		141		157		207
Net income attributable to L-3		170		137		154		203
Basic EPS from continuing operations⁽¹⁾		1.87		1.47		1.68		2.38
Basic EPS⁽¹⁾		1.97		1.59		1.81		2.41
Diluted EPS from continuing operations⁽¹⁾		1.80		1.42		1.65		2.34
Diluted EPS⁽¹⁾		1.90		1.53		1.78		2.36

⁽¹⁾

EPS in each quarter is computed using the weighted-average number of shares outstanding during that quarter, while EPS for the full year is computed using the weighted-average number of shares outstanding during the year. Therefore, the sum of the four quarters’ EPS may not equal the full year computed EPS.