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Net Income (Loss) From Continuing Operations Per Common Share
 6 Months Ended
Jan. 01, 2016
Net Income (Loss) From Continuing Operations Per Common Share [Abstract]  
Net income per common share

Note L — Income (Loss) From Continuing Operations Per Common Share

 

The computations of income (loss) from continuing operations per common share are as follows:

  Quarter Ended  Two Quarters Ended
  January 1, January 2, January 1, January 2,
  2016 2015 2016 2015
             
  (In millions, except per share amounts)
Income (loss) from continuing operations$ (135) $ 139 $ 13 $ 264
Adjustments for participating securities outstanding  ―   ―   ―   (1)
Income (loss) from continuing operations used in per basic           
 and diluted common share calculations (A)$ (135) $ 139 $ 13 $ 263
             
Basic weighted average common shares outstanding (B)   123.8   103.9   123.6   104.3
Impact of dilutive share-based awards  ―   1.0   1.1   1.0
Diluted weighted average common shares outstanding (C)   123.8   104.9   124.7   105.3
             
Income (loss) from continuing operations per basic common share (A)/(B)$ (1.09) $ 1.34 $ 0.10 $ 2.52
Income (loss) from continuing operations per diluted common share (A)/(C)$ (1.09) $ 1.32 $ 0.10 $ 2.50

For purposes of the computations of loss from continuing operations per common share in the quarter ended January 1, 2016, due to the loss, the numerator was not adjusted to consider the effect of participating securities outstanding, and also basic weighted average common shares outstanding was used in the computation of the loss from continuing operations per diluted common share because the use of diluted weighted average common shares outstanding would have been antidilutive.

 

Potential dilutive common shares primarily consist of employee stock options and performance share unit awards. Employee stock options to purchase approximately 1,482,261 and 678,650 shares of our common stock were outstanding at January 1, 2016 and January 2, 2015, respectively, but were not included as dilutive stock options in the computations of income (loss) from continuing operations per diluted common share because the effect would have been antidilutive.