L3's Earnings Per Common Share (Tables)

9 Months Ended

Sep. 29, 2017

A reconciliation of basic and diluted earnings per share (EPS) is presented in the table below.

	Third Quarter Ended						Year-to-Date Ended
	September 29, 2017			September 23, 2016			September 29, 2017			September 23, 2016
	(in millions, except per share data)
Reconciliation of net income:
Net income	$	25		$	151		$	400		$	532
Net income from continuing operations attributable to noncontrolling interests		(3	)		(3	)		(12	)		(10	)
Net income attributable to L3’s common shareholders	$	22		$	148		$	388		$	522
Earnings attributable to L3’s common shareholders:
Continuing operations	$	23		$	148		$	389		$	459
Discontinued operations, net of income tax		(1	)		—			(1	)		63
Net income attributable to L3’s common shareholders	$	22		$	148		$	388		$	522
Earnings per share attributable to L3’s common shareholders:
Basic:
Weighted average common shares outstanding		78.2			77.3			78.0			77.4
Basic earnings (loss) per share:
Continuing operations	$	0.29		$	1.91		$	4.98		$	5.93
Discontinued operations, net of income tax		(0.01	)		—			(0.01	)		0.81
Net income	$	0.28		$	1.91		$	4.97		$	6.74
Diluted:
Common and potential common shares:
Weighted average common shares outstanding		78.2			77.3			78.0			77.4
Assumed exercise of stock options		2.4			3.0			2.6			2.5
Unvested restricted stock awards		0.9			1.0			0.9			1.0
Employee stock purchase plan contributions		0.1			0.1			0.1			0.1
Performance unit awards		0.1			0.1			0.1			0.1
Assumed purchase of common shares for treasury		(1.9	)		(2.7	)		(2.1	)		(2.4	)
Common and potential common shares		79.8			78.8			79.6			78.7
Diluted earnings (loss) per share:
Continuing operations	$	0.29		$	1.88		$	4.88		$	5.83
Discontinued operations, net of income tax		(0.01	)		—			(0.01	)		0.80
Net income	$	0.28		$	1.88		$	4.87		$	6.63