NOTE I – INCOME 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 per common share information for the three and nine months ended December 31, 2017 and 2016:



	Three Months Ended December 31,						Nine Months Ended December 31,
	2017			2016			2017			2016
	(in millions, except per share amounts)
Basic (loss) income per common share:
Net (loss) income	$	(93	)	$	208		$	269		$	618
Less: Net income allocable to participating securities	—			(2		)	(5		)	(7		)
Net (loss) income allocable to common shares	$	(93	)	$	206		$	264		$	611
Weighted average common shares outstanding	413			413			414			414
Basic (loss) income per common share	$	(0.23	)	$	0.50		$	0.64		$	1.48

Diluted (loss) income per common share:
Net (loss) income	$	(93	)	$	208		$	269		$	618
Less: Net income allocable to participating securities	—			(2		)	(5		)	(7		)
Net (loss) income allocable to common shares	$	(93	)	$	206		$	264		$	611
Weighted average shares outstanding and common share equivalents:
Weighted average common shares outstanding	413			413			414			414
Weighted average effect of share-based payment awards	—			1			1			1
Denominator in calculation of diluted income per share	413			414			415			415
Diluted (loss) income per common share	$	(0.23	)	$	0.50		$	0.64		$	1.47

For the three months ended December 31, 2017 and 2016, respectively, approximately 2 million shares and 1 million shares of Company common stock underlying restricted stock awards (RSAs) 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 RSAs of approximately 5 million shares and 5 million shares for the three months ended December 31, 2017 and 2016, respectively, were considered participating securities in the calculation of net income allocable to common stockholders.

For the nine months ended December 31, 2017 and 2016, respectively, approximately 2 million shares and 2 million shares of Company common stock underlying RSAs 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 RSAs of approximately 5 million shares and 5 million shares for the nine months ended December 31, 2017 and 2016, respectively, were considered participating securities in the calculation of net income allocable to common stockholders.