Earnings (Loss) Per Share (Tables)

6 Months Ended

Dec. 31, 2018

Computation of Basic and Diluted Earnings (Loss) per Share

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


	For the three months ended December 31,						For the six months ended December 31,
	2018			2017			2018			2017
	(in millions, except per share amounts)
Net income (loss)	$	119		$	(66	)	$	247		$	21
Less: Net income attributable to noncontrolling interests		(24	)		(17	)		(51	)		(36	)
Less: Redeemable preferred stock dividends (a)		—			(1	)		—			(1	)

Net income (loss) available to News Corporation stockholders	$	95		$	(84	)	$	196		$	(16	)

Weighted-average number of shares of common stock outstanding—basic		584.9			582.7			584.4			582.5
Dilutive effect of equity awards (b)		2.2			—			1.9			—
Weighted-average number of shares of common stock outstanding—diluted		587.1			582.7			586.3			582.5

Net income (loss) available to News Corporation stockholders per share—basic	$	0.16		$	(0.14	)	$	0.34		$	(0.03	)
Net income (loss) available to News Corporation stockholders per share—diluted	$	0.16		$	(0.14	)	$	0.33		$	(0.03	)

(a)

In connection with the Separation, as defined in Note 7, 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 paid dividends at a rate of 9.5% per annum, payable quarterly, in arrears. The preferred stock was callable by the Company at any time after the fifth year and puttable at the option of the holder after 10 years. In July 2018, the Company exercised its call option and redeemed

100

% of the outstanding redeemable preferred stock.

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