EARNINGS PER SHARE

12 Months Ended

May. 31, 2015

Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is computed on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards, and other dilutive securities. In periods when we recognize a net loss, we exclude the impact of outstanding stock awards from the diluted loss per share calculation, as their inclusion would have an anti-dilutive effect.

The following table reconciles the income and average share amounts used to compute both basic and diluted earnings per share:



	2015			2014		2013
Net income (loss) available to ConAgra Foods, Inc. common stockholders:
Income (loss) from continuing operations attributable to ConAgra Foods, Inc. common stockholders	$	(619.2	)	$	161.7	$	686.2
Income from discontinued operations, net of tax, attributable to ConAgra Foods, Inc. common stockholders	366.6			141.4		87.7
Net income (loss) attributable to ConAgra Foods, Inc. common stockholders	$	(252.6	)	$	303.1	$	773.9
Less: Increase in redemption value of noncontrolling interests in excess of earnings allocated	1.7			1.7		1.6
Net income (loss) available to ConAgra Foods, Inc. common stockholders	$	(254.3	)	$	301.4	$	772.3
Weighted average shares outstanding:
Basic weighted average shares outstanding	426.1			421.3		410.8
Add: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities	—			6.2		6.8
Diluted weighted average shares outstanding	426.1			427.5		417.6

At the end of fiscal 2015, all dilutive stock options, restricted stock unit awards, and other dilutive securities outstanding of 5.2 million shares were excluded from the computation of shares contingently issuable upon exercise as we recognized a net loss. At the end of fiscal 2014, there were 3.1 million stock options outstanding that were excluded from the computation of shares contingently issuable upon exercise of the stock options because exercise prices exceeded the average market value of our common stock during the period. At the end of fiscal 2013, there were no stock options outstanding that were excluded from the computation of shares contingently issuable upon exercise of the stock options.