Earnings Per Share

12 Months Ended

Dec. 28, 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 years ended December 28, 2014, December 29, 2013 and December 30, 2012:

(In Millions Except Per Share Amounts)	2014			2013		2012
Basic net earnings per share attributable to Johnson & Johnson	$	5.80		4.92		3.94
Average shares outstanding — basic	2,815.2			2,809.2		2,753.3
Potential shares exercisable under stock option plans	142.6			148.5		164.6
Less: shares repurchased under treasury stock method	(96.5		)	(103.3	)	(128.2	)
Convertible debt shares	2.6			3.0		3.6
Accelerated share repurchase program	—			19.6		19.3
Adjusted average shares outstanding — diluted	2,863.9			2,877.0		2,812.6
Diluted net earnings per share attributable to Johnson & Johnson	$	5.70		4.81		3.86

The diluted net earnings per share calculation included the dilutive effect of convertible debt that is offset by the related reduction in interest expense of $3 million after-tax for 2014 and $4 million for years 2013 and 2012.

The diluted earnings per share calculation for 2014 and 2013 included all shares related to stock options, as the exercise price of all options was less than the average market value of the Company's stock. Diluted net earnings per share for 2012 excluded 0.2 million shares related to stock options, as the exercise price of these options was greater than their average market value, which would result in an anti-dilutive effect on diluted earnings per share.

The diluted earnings per share calculation for the fiscal years ended December 29, 2013 and December 30, 2012 included the dilutive effect of 19.6 million shares and 19.3 million shares, respectively, related to the accelerated share repurchase program, associated with the acquisition of Synthes, Inc. See Note 20 to the Consolidated Financial Statements for additional details.