Earnings Per Share

3 Months Ended

Mar. 31, 2016

The following table presents a reconciliation of basic and diluted earnings per share (in millions, except share data and per share amounts):



	Three Months Ended March 31,
	2016		2015
Basic:
Net income	$	153	$	40
Basic weighted-average shares outstanding (in thousands)	285,274		289,741
Basic earnings per share	$	0.54	$	0.14
Diluted:
Net income	$	153	$	40
Basic weighted-average shares outstanding (in thousands)	285,274		289,741
Effect of dilutive securities:
Weighted-average convertible debentures (in thousands)	597		3,640
Weighted-average options and restricted stock issued to employees (in thousands)	809		1,341
Diluted weighted-average shares outstanding (in thousands)	286,680		294,722
Diluted earnings per share	$	0.53	$	0.14

For the three months ended March 31, 2016 and 2015, the Company excluded 0.1 million and 0.2 million shares, respectively, of stock options and restricted stock awards and units from the calculations of diluted earnings per share as the effect would have been anti-dilutive.