L-3 Holdings' Earnings Per Common Share (Tables)

6 Months Ended

Jul. 01, 2011

L-3 Holdings' Earnings Per Common Share (Tables) [Abstract]

Reconciliation of basic and diluted earnings per share

	Second Quarter Ended						First Half Ended
	July 1,			June 25,			July 1,			June 25,
	2011			2010			2011			2010
	(in millions, except per share data)
Reconciliation of net income:
Net income	$	246		$	231		$	453		$	453
Net income attributable to noncontrolling interests		(3	)		(3	)		(6	)		(4	)
Net income allocable to participating securities		(1	)		(1	)		(2	)		(3	)
Net income allocable to L-3 Holdings’ common shareholders	$	242		$	227		$	445		$	446
Earnings per share allocable to L-3 Holdings’ common shareholders:
Basic:
Weighted average common shares outstanding		106.1			115.4			107.3			115.7
Basic earnings per share:
Net income	$	2.28		$	1.97		$	4.15		$	3.85
Diluted:
Common and potential common shares:
Weighted average common shares outstanding		106.1			115.4			107.3			115.7
Assumed exercise of stock options		2.7			3.2			2.7			3.4
Unvested restricted stock awards		1.9			1.4			1.6			1.2
Employee stock purchase plan contributions		—			0.5			—			0.5
Performance unit awards		—			—			0.1			0.1
Assumed purchase of common shares for treasury		(3.5	)		(4.0	)		(3.3	)		(4.2	)
Assumed conversion of the CODES(1)		—			—			—			—
Common and potential common shares		107.2			116.5			108.4			116.7
Diluted earnings per share:
Net income	$	2.26		$	1.95		$	4.11		$	3.82

⁽¹⁾ L-3 Holdings’ CODES had no impact on diluted EPS for the quarter or first half periods ended July 1, 2011 or June 25, 2010, respectively, because the average market price of L-3 Holdings common stock during these periods was less than the price at which the CODES would have been convertible into L-3 Holdings common stock. As of March 1, 2011, the conversion price was $97.79.