Earnings Per Share

3 Months Ended

Mar. 31, 2019

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 31, 2019 and April 1, 2018:



(Shares in Millions)	March 31, 2019		April 1, 2018
Basic net earnings per share	1.41		1.63
Average shares outstanding — basic	2,660.8		2,682.2
Potential shares exercisable under stock option plans	136.7		139.5
Less: shares which could be repurchased under treasury stock method	(99.4	)	(90.6	)
Convertible debt shares	0.7		0.8
Average shares outstanding — diluted	2,698.8		2,731.9
Diluted net earnings per share	1.39		1.60

The diluted net earnings per share calculation for both the fiscal first quarters ended March 31, 2019 and April 1, 2018 included the dilutive effect of convertible debt that was offset by the related reduction in interest expense. The diluted net earnings per share calculation for the both the fiscal first quarters ended March 31, 2019 and April 1, 2018 included all shares related to stock options, as there were no options or other instruments which were anti-dilutive.