The following tables set forth the computation of basic and diluted earnings per share under ASC 260, “Earnings per Share”:


	For the three months ended December 31,						For the six months ended December 31,
	2015			2014			2015			2014
	(in millions, except per share amounts)
Income from continuing operations	$	106		$	182		$	249		$	291
Less: Net income attributable to noncontrolling interests		(19	)		(20	)		(33	)		(43	)
Less: Redeemable preferred stock dividends^(a)		(1	)		(1	)		(1	)		(1	)

Income from continuing operations available to News Corporation stockholders		86			161			215			247
(Loss) income from discontinued operations, net of tax, available to News Corporation stockholders		(24	)		(19	)		22			(40	)

Net income available to News Corporation stockholders	$	62		$	142		$	237		$	207

Weighted-average number of shares of common stock outstanding—basic		581.2			580.2			581.1			579.8
Dilutive effect of equity awards		1.5			2.3			1.6			1.4

Weighted-average number of shares of common stock outstanding—diluted		582.7			582.5			582.7			581.2

Income from continuing operations available to News Corporation stockholders per share—basic and diluted	$	0.15		$	0.27		$	0.37		$	0.43
(Loss) income from discontinued operations available to News Corporation stockholders per share—basic and diluted	$	(0.04	)	$	(0.03	)	$	0.04		$	(0.07	)

Net income available to News Corporation stockholders per share—basic and diluted	$	0.11		$	0.24		$	0.41		$	0.36

^(a)

In connection with the Separation, as defined in Note 10, Twenty-First Century Fox, Inc. (“21st Century Fox”) sold 4,000 shares of cumulative redeemable preferred stock with a par value of $5,000 per share of a newly formed U.S. subsidiary of the Company. The preferred stock pays dividends at a rate of 9.5% per annum, payable quarterly. The preferred stock is callable by the Company at any time after the fifth year and is puttable at the option of the holder after 10 years.