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L3's Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2016
L3's Earnings Per Share [Abstract]  
Reconciliation of Basic and Diluted Earnings per Share (EPS)
A reconciliation of basic and diluted earnings per share (EPS) is presented in the table below.
 
Year Ended December 31,
2016
2015
2014
(in millions, except per share data)
Reconciliation of net income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
$
724
 
$
(225
)
$
677
 
Net income from continuing operations attributable to noncontrolling interests
 
(14
)
 
(15
)
 
(13
)
Net income (loss) attributable to L3’s common shareholders
$
710
 
$
(240
)
$
664
 
Earnings (loss) attributable to L3’s common shareholders:
 
 
 
 
 
 
 
 
 
Continuing operations
$
647
 
$
282
 
$
632
 
Discontinued operations, net of income tax
 
63
 
 
(522
)
 
32
 
Net income (loss) attributable to L3’s common shareholders
$
710
 
$
(240
)
$
664
 
Earnings (loss) per share attributable to L3’s common shareholders:
 
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
77.4
 
 
80.7
 
 
85.4
 
Basic earnings (loss) per share:
 
 
 
 
 
 
 
 
 
Continuing operations
$
8.36
 
$
3.49
 
$
7.40
 
Discontinued operations, net of income tax
 
0.81
 
 
(6.46
)
 
0.38
 
Net income (loss)
$
9.17
 
$
(2.97
)
$
7.78
 
Diluted:
 
 
 
 
 
 
 
 
 
Common and potential common shares:
 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
77.4
 
 
80.7
 
 
85.4
 
Assumed exercise of stock options
 
2.6
 
 
2.4
 
 
3.0
 
Unvested restricted stock awards
 
1.0
 
 
1.3
 
 
1.6
 
Employee stock purchase plan contributions
 
0.1
 
 
0.1
 
 
—
 
Performance unit awards
 
0.1
 
 
0.1
 
 
0.1
 
Assumed purchase of common shares for treasury
 
(2.4
)
 
(2.7
)
 
(3.1
)
Assumed conversion of the CODES(1)
 
—
 
 
—
 
 
0.8
 
Common and potential common shares
 
78.8
 
 
81.9
 
 
87.8
 
Diluted earnings (loss) per share:
 
 
 
 
 
 
 
 
 
Continuing operations
$
8.21
 
$
3.44
 
$
7.20
 
Discontinued operations, net of income tax
 
0.80
 
 
(6.37
)
 
0.36
 
Net income (loss)
$
9.01
 
$
(2.93
)
$
7.56
 
 
 
 
(1)
The CODES were retired on June 20, 2014 and were dilutive for the year ended December 31, 2014 as the average market price of L3’s common stock during the period that the CODES were outstanding was greater than the price at which the CODES would have been convertible into L3’s common stock. As of June 18, 2014, the final date of conversion, the conversion price was $88.71.