Earnings (loss) per Share

3 Months Ended

Apr. 01, 2017

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of shares assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock method and reflects the additional shares that would be outstanding if dilutive stock options were exercised and restricted stock awards and warrants were settled for common shares during the period.

Earnings per share (in millions, except per share data):



	Three Months Ended
	April 1, 2017		April 2, 2016
Basic:
Net income (loss) attributable to the Company	$	8	$	(26	)
Weighted-average shares outstanding	51,842,025		51,299,632
Basic earnings (loss) per share	$	0.16	$	(0.50	)

Diluted:
Net income (loss) attributable to the Company	$	8	$	(26	)
Weighted-average shares outstanding	51,842,025		51,299,632
Dilutive shares⁽¹⁾	1,104,858		—
Diluted weighted-average shares outstanding	52,946,883		51,299,632
Diluted earnings (loss) per share	$	0.16	$	(0.50	)

(1) Due to net losses in the first quarter of 2016, options, awards and warrants were anti-dilutive and therefore excluded from the earnings per share calculation.

There were 532,353 outstanding options, awards, and warrants to purchase common shares that were anti-dilutive and excluded from the first quarter earnings per share calculation as of April 1, 2017 compared to 1,478,983 as of April 2, 2016. Anti-dilutive securities consist primarily of stock appreciation rights (“SARs”) with an exercise price greater than the average market closing price of the Class A common stock.