Computation of Basic and Diluted Earnings per Common Share



	For the years ended December 31,
(In millions, except for per share data)	2017			2016		2015
Earnings
(Loss) income from continuing operations, net of tax	$	(262	)	$	613	$	1,189
(Loss) income from discontinued operations, net of tax	(2,869		)	283		493
Net (loss) income	$	(3,131	)	$	896	$	1,682
Shares
Weighted average common shares outstanding, basic	363.7			387.7		415.5
Dilutive effect of warrants	—			3.6		4.7
Dilutive effect of stock-based awards under compensation plans	—			3.5		5.0
Weighted average shares outstanding and dilutive potential common shares [1]	363.7			394.8		425.2
Net income per common share
Basic
(Loss) income from continuing operations, net of tax	$	(0.72	)	$	1.58	$	2.86
(Loss) income from discontinued operations, net of tax	(7.89		)	0.73		1.19
Net income per common share	$	(8.61	)	$	2.31	$	4.05
Diluted
(Loss) income from continuing operations, net of tax	$	(0.72	)	$	1.55	$	2.80
(Loss) income from discontinued operations, net of tax	(7.89		)	0.72		1.16
Net (loss) income per common share	$	(8.61	)	$	2.27	$	3.96


[1]	For additional information, see Note 15 - Equity and Note 19 - Stock Compensation Plans of Notes to Consolidated Financial Statements.

Basic earnings per share is computed based on the weighted average number of common shares outstanding during the year. Diluted earnings per share includes the dilutive effect of assumed exercise or issuance of warrants and stock-based awards under compensation plans. Diluted potential common shares are included in the calculation of diluted per share amounts provided there is income from continuing operations, net of tax.

Under the treasury stock method, for warrants and stock-based awards, shares are assumed to be issued and then reduced for the number of shares repurchaseable with theoretical proceeds at the average market price for the period. Contingently issuable shares are included for the number of shares issuable assuming the end of the reporting period was the end of the contingency period, if dilutive.

As a result of the net loss from continuing operations for the year ended December 31, 2017, the Company was required to use basic weighted average common shares outstanding in the calculation of diluted loss per share, since the inclusion of 4.3 million shares for stock compensation plans and 2.5 million shares for warrants would have been antidilutive to the earnings (loss) per share calculation. In the absence of the net loss, weighted average common shares outstanding and dilutive potential common shares would have totaled 370.5 million.