Net Loss Per Common Share

6 Months Ended

Jun. 28, 2015

Earnings Per Share [Abstract]

Net Loss Per Common Share

Net Loss Per Common Share

The following are reconciliations of the number of common shares outstanding used to calculate basic earnings per share to those shares used to calculate diluted earnings per share:

	Second Quarter Ended
	June 28, 2015			June 29, 2014
	(In millions)
Net loss attributable to common shareholders	$	(344	)	$	(53	)
Average common shares outstanding-basic	380			377
Effect of dilutive securities:
Stock options, restricted stock and the global stock purchase plan	—			—
Average common shares outstanding-diluted	380			377

	Six Months Ended
	June 28, 2015			June 29, 2014
	(In millions)
Net loss attributable to common shareholders	$	(248	)	$	(38	)
Average common shares outstanding-basic	379			377
Effect of dilutive securities:
Stock options, restricted stock and the global stock purchase plan	—			—
Average common shares outstanding-diluted	379			377

Basic earnings per share is computed as net (loss)/income divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share is based upon the average shares of common stock and dilutive common stock equivalents outstanding during the periods presented. Common stock equivalents arising from dilutive stock options, restricted stock units, and the global stock purchase plan are computed using the treasury stock method.

The Company had a net loss in both periods after adjusting the income from continuing operations for the dividends paid to the preferred shareholder. The dilutive effects of stock options, RSUs, and warrants were excluded as their inclusion would have an anti-dilutive effect on earnings per share in both periods.