Income From Continuing Operations Per Common Share

6 Months Ended

Sep. 30, 2015

INCOME FROM CONTINUING OPERATIONS PER COMMON SHARE

NOTE M – INCOME FROM CONTINUING OPERATIONS PER COMMON SHARE

Basic net income per common share excludes dilution and is calculated by dividing net income allocable to common shares by the weighted average number of common shares outstanding for the period. Diluted net income per common share is calculated by dividing net income allocable to common shares by the weighted average number of common shares, as adjusted for the potential dilutive effect of non-participating share-based awards.

The following table presents basic and diluted income from continuing operations per common share information for the three and six months ended September 30, 2015 and 2014:



	Three Months Ended September 30,						Six Months Ended September 30,
	2015			2014			2015			2014
	(in millions, except per share amounts)
Basic income from continuing operations per common share:
Income from continuing operations	$	172		$	235		$	379		$	447
Less: Income from continuing operations allocable to participating securities	(2		)	(2		)	(4		)	(4		)
Income from continuing operations allocable to common shares	$	170		$	233		$	375		$	443
Weighted average common shares outstanding	436			440			436			440
Basic income from continuing operations per common share	$	0.39		$	0.53		$	0.86		$	1.01

Diluted income from continuing operations per common share:
Income from continuing operations	$	172		$	235		$	379		$	447
Less: Income from continuing operations allocable to participating securities	(2		)	(2		)	(4		)	(4		)
Income from continuing operations allocable to common shares	$	170		$	233		$	375		$	443
Weighted average shares outstanding and common share equivalents:
Weighted average common shares outstanding	436			440			436			440
Weighted average effect of share-based payment awards	1			1			1			1
Denominator in calculation of diluted income per share	437			441			437			441
Diluted income from continuing operations per common share	$	0.39		$	0.53		$	0.86		$	1.00

For the three months ended September 30, 2015 and 2014, respectively, approximately 2 million and 2 million shares of Company common stock underlying restricted stock awards and options to purchase common stock were excluded from the calculation because their effect on income per share was anti-dilutive during the respective periods. Weighted average restricted stock awards of approximately 5 million and 5 million for the three months ended September 30, 2015 and 2014, respectively, were considered participating securities in the calculation of net income allocable to common stockholders.

For the six months ended September 30, 2015 and 2014, respectively, approximately 2 million and 2 million shares of Company common stock underlying restricted stock awards and options to purchase common stock were excluded from the calculation because their effect on income per share was anti-dilutive during the respective periods. Weighted average restricted stock awards of approximately 4 million and 4 million for the six months ended September 30, 2015 and 2014, respectively, were considered participating securities in the calculation of net income allocable to common stockholders.