Earnings Per Share

3 Months Ended

Mar. 30, 2014

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

The following is a reconciliation of basic net earnings per share to diluted net earnings per share for the fiscal first quarters ended March 30, 2014 and March 31, 2013:

	Fiscal First Quarters Ended
(Shares in Millions)	March 30, 2014			March 31, 2013
Basic net earnings per share	$	1.67		1.25
Average shares outstanding — basic	2,826.8			2,790.2
Potential shares exercisable under stock option plans	163.4			175.8
Less: shares which could be repurchased under treasury stock method	(118.5		)	(135.5	)
Convertible debt shares	3.0			3.6
Accelerated share repurchase program	—			24.7
Average shares outstanding — diluted	2,874.7			2,858.8
Diluted earnings per share	$	1.64		1.22

The diluted earnings per share calculation for both fiscal first quarters ended March 30, 2014 and March 31, 2013 included the dilutive effect of convertible debt that was offset by the related reduction in interest expense.

The diluted earnings per share calculation for the fiscal first quarter ended March 31, 2013 included the dilutive effect of 24.7 million shares related to the accelerated share repurchase program, associated with the acquisition of Synthes, Inc.

The diluted earnings per share calculation for both the fiscal first quarters ended March 30, 2014 and March 31, 2013 included all shares related to stock options, as there were no options or other instruments which were anti-dilutive.