Earnings (Loss) per Share

As previously disclosed in Note 1 - Basis of Presentation and Summary of Significant Accounting Policies, a one-for-four reverse stock split became effective on June 14, 2017 for all authorized, issued and outstanding shares of Xerox common stock. Accordingly, all share and per share amounts have been adjusted to reflect this reverse stock split for all prior periods presented.

The following table sets forth the computation of basic and diluted earnings (loss) per share of common stock (shares in thousands):



	Year Ended December 31,
	2017			2016			2015
Basic Earnings (Loss) per Share:
Net income from continuing operations attributable to Xerox	$	192		$	622		$	822
Accrued dividends on preferred stock	(14		)	(24		)	(24		)
Adjusted Net income from continuing operations available to common shareholders	$	178		$	598		$	798
Net income (loss) from discontinued operations attributable to Xerox	3			(1,093		)	(374		)
Adjusted Net income (loss) available to common shareholders	$	181		$	(495	)	$	424
Weighted-average common shares outstanding	254,341			253,391			266,131
Basic Earnings (Loss) per Share:
Continuing operations	$	0.70		$	2.36		$	3.00
Discontinued operations	0.01			(4.31		)	(1.41		)
Basic Earnings (Loss) per Share	$	0.71		$	(1.95	)	$	1.59

Diluted Earnings (Loss) per Share:
Net income from continuing operations attributable to Xerox	$	192		$	622		$	822
Accrued dividends on preferred stock	(14		)	(24		)	(24		)
Adjusted net income from continuing operations available to common shareholders	$	178		$	598		$	798
Net income (loss) from discontinued operations attributable to Xerox	3			(1,093		)	(374		)
Adjusted Net income (loss) available to common shareholders	$	181		$	(495	)	$	424
Weighted-average common shares outstanding	254,341			253,391			266,131
Common shares issuable with respect to:
Stock options	—			174			324
Restricted stock and performance shares	2,229			2,430			2,601
Adjusted Weighted average common shares outstanding	256,570			255,995			269,056

Diluted Earnings (Loss) per Share:
Continuing operations	$	0.70		$	2.33		$	2.97
Discontinued operations	0.01			(4.26		)	(1.39		)
Diluted Earnings (Loss) per Share	$	0.71		$	(1.93	)	$	1.58

The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive (shares in thousands):
Stock options	—			202			456
Restricted stock and performance shares	3,706			5,430			4,402
Convertible preferred stock	6,742			6,742			6,742
Total Anti-Dilutive Securities	10,448			12,374			11,600

Dividends per Common Share	$	1.00		$	1.24		$	1.12