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 March 31,						For the nine months ended March 31,
	2017			2016			2017			2016
	(in millions, except per share amounts)
Income (loss) from continuing operations	$	—		$	(128	)	$	(219	)	$	121
Less: Net income attributable to noncontrolling interests		(5	)		(19	)		(90	)		(52	)
Less: Redeemable preferred stock dividends^(a)		—			—			(1	)		(1	)

(Loss) income from continuing operations available to News Corporation stockholders		(5	)		(147	)		(310	)		68
(Loss) income from discontinued operations, net of tax, available to News Corporation stockholders		—			(2	)		—			20

Net (loss) income available to News Corporation stockholders	$	(5	)	$	(149	)	$	(310	)	$	88

Weighted-average number of shares of common stock outstanding—basic		581.6			580.2			581.2			580.8
Dilutive effect of equity awards^(b)		—			—			—			1.7

Weighted-average number of shares of common stock outstanding—diluted		581.6			580.2			581.2			582.5

(Loss) income from continuing operations available to News Corporation stockholders per share—basic and diluted	$	(0.01	)	$	(0.26	)	$	(0.53	)	$	0.12
(Loss) income from discontinued operations available to News Corporation stockholders per share—basic and diluted	$	—		$	—		$	—		$	0.03

Net (loss) income available to News Corporation stockholders per share—basic and diluted	$	(0.01	)	$	(0.26	)	$	(0.53	)	$	0.15

^(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.

^(b)	The dilutive impact of the Company’s PSUs, RSUs and stock options has been excluded from the calculation of diluted (loss) earnings per share for the three and nine months ended March 31, 2017 because their inclusion would have an antidilutive effect on the net loss per share.