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Earnings Per Share
 6 Months Ended
Jun. 29, 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 second quarters ended June 29, 2014 and June 30, 2013:
 
 
Fiscal Second Quarters Ended
(Shares in Millions)
 
June 29, 2014
 
June 30, 2013
Basic net earnings per share
 
$
1.53

 
1.36

Average shares outstanding — basic
 
2,826.4

 
2,809.7

Potential shares exercisable under stock option plans
 
154.8

 
162.5

Less: shares which could be repurchased under treasury stock method
 
(109.8
)
 
(115.2
)
Convertible debt shares
 
2.8

 
3.5

Accelerated share repurchase program
 
—

 
32.5

Average shares outstanding — diluted
 
2,874.2

 
2,893.0

Diluted earnings per share
 
$
1.51

 
1.33



The diluted earnings per share calculation for both the fiscal second quarters ended June 29, 2014 and June 30, 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 second quarter ended June 30, 2013 included the dilutive effect of 32.5 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 second quarters ended June 29, 2014 and June 30, 2013 included all shares related to stock options, as there were no options or other instruments which were anti-dilutive.

The following is a reconciliation of basic net earnings per share to diluted net earnings per share for the fiscal six months ended June 29, 2014 and June 30, 2013:
 
 
 
 
 
 
 
Fiscal Six Months Ended
(Shares in Millions)
 
June 29, 2014
 
June 30, 2013
Basic net earnings per share
 
$
3.20

 
2.62

Average shares outstanding — basic
 
2,826.5

 
2,799.5

Potential shares exercisable under stock option plans
 
155.2

 
163.0

Less: shares which could be repurchased under treasury stock method
 
(109.0
)
 
(119.7
)
Convertible debt shares
 
2.8

 
3.5

Accelerated share repurchase program
 
—

 
32.5

Average shares outstanding — diluted
 
2,875.5

 
2,878.8

Diluted earnings per share
 
$
3.15

 
2.55

 
 
 
 
 

The diluted earnings per share calculation for both the fiscal six months ended June 29, 2014 and June 30, 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 six months ended June 30, 2013 included the dilutive effect of 32.5 million shares related to the accelerated share repurchase program, associated with the acquisition of Synthes, Inc.

The diluted net earnings per share calculation for the fiscal six months ended June 29, 2014 excluded 9 thousand shares related to stock options, as the exercise price of these options was greater than the average market value, which would result in an anti-dilutive effect on diluted earnings per share. Diluted earnings per share for the fiscal six months ended June 30, 2013 included all shares related to stock options, as there were no options or other instruments which were anti-dilutive.