Income From Continuing Operations Per Common Share

9 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

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 nine months ended December 31, 2015 and 2014:

	Three Months Ended December 31,						Nine Months Ended December 31,
	2015			2014			2015			2014
	(in millions, except per share amounts)
Basic income from continuing operations per common share:
Income from continuing operations	$	219		$	218		$	598		$	665
Less: Income from continuing operations allocable to participating securities	(2		)	(2		)	(6		)	(7		)
Income from continuing operations allocable to common shares	$	217		$	216		$	592		$	658
Weighted average common shares outstanding	420			440			431			440
Basic income from continuing operations per common share	$	0.52		$	0.49		$	1.37		$	1.50
Diluted income from continuing operations per common share:
Income from continuing operations	$	219		$	218		$	598		$	665
Less: Income from continuing operations allocable to participating securities	(2		)	(2		)	(6		)	(7		)
Income from continuing operations allocable to common shares	$	217		$	216		$	592		$	658
Weighted average shares outstanding and common share equivalents:
Weighted average common shares outstanding	420			440			431			440
Weighted average effect of share-based payment awards	1			1			1			1
Denominator in calculation of diluted income per share	421			441			432			441
Diluted income from continuing operations per common share	$	0.52		$	0.49		$	1.37		$	1.49

For the three months ended December 31, 2015 and 2014, respectively, approximately 2 million and 1 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 5 million for the three months ended December 31, 2015 and 2014, respectively, were considered participating securities in the calculation of net income allocable to common stockholders.

For the nine months ended December 31, 2015 and 2014, respectively, approximately 2 million and 1 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 nine months ended December 31, 2015 and 2014, respectively, were considered participating securities in the calculation of net income allocable to common stockholders.