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Earnings Per Share
3 Months Ended
Mar. 29, 2020
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 29, 2020 and March 31, 2019:
 
 
Fiscal First Quarter Ended
(Shares in Millions)
 
March 29, 2020
 
March 31, 2019
Basic net earnings per share
 
$
2.20

 
1.41

Average shares outstanding — basic
 
2,633.7

 
2,660.8

Potential shares exercisable under stock option plans
 
126.0

 
136.7

Less: shares which could be repurchased under treasury stock method
 
(89.4
)
 
(99.4
)
Convertible debt shares
 
0.7

 
0.7

Average shares outstanding — diluted
 
2,671.0

 
2,698.8

Diluted net earnings per share
 
$
2.17

 
1.39



The diluted net earnings per share calculation for both the fiscal first quarters ended March 29, 2020 and March 31, 2019 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 fiscal first quarter ended March 29, 2020 excluded 10 million shares related to stock options, as the exercise price of these options was greater than their average market value. The diluted net earnings per share calculation for the fiscal first quarter ended March 31, 2019 included all shares related to stock options, as there were no options or other instruments which were anti-dilutive.