The Company computes earnings (loss) per common share (“EPS”) from continuing operations, discontinued operations and net earnings (loss) per common share under the two-class method which requires the allocation of all distributed and undistributed earnings to common stock and other participating securities based on their respective rights to receive distributions of earnings or losses. The Company’s Class A Common Stock and Class B Common Stock equally share in distributed and undistributed earnings. The Company accounts for the Warrants as participating securities, as holders of the Warrants, in accordance with and subject to the terms and conditions of the Warrant Agreement, are entitled to receive ratable distributions of the Company’s earnings concurrently with such distributions made to the holders of Common Stock, subject to certain restrictions relating to FCC rules and requirements. Under the terms of the Company’s RSU and PSU agreements, unvested RSUs and PSUs contain forfeitable rights to dividends and DEUs. Because the DEUs are forfeitable, they are defined as non-participating securities. As of June 30, 2015, there were 4,930 DEUs outstanding, which will vest at the time that the underlying RSU or PSU vests.

The Company computes basic EPS by dividing income (loss) from continuing operations, income from discontinued operations, and net income (loss), respectively, applicable to common shares by the weighted average number of common shares outstanding during the period. In accordance with the two-class method, undistributed earnings applicable to the Warrants have been excluded from the computation of basic EPS. Diluted EPS is computed by dividing income (loss) from continuing operations, income from discontinued operations, and net income (loss), respectively, by the weighted average number of common shares outstanding during the period as adjusted for the assumed exercise of all outstanding stock awards. The calculation of diluted EPS assumes that stock awards outstanding were exercised at the beginning of the period. The Warrants and stock awards are included in the calculation of diluted EPS only when their inclusion in the calculation is dilutive.

ASC Topic 260, “Earnings per Share,” states that the presentation of basic and diluted EPS is required only for common stock and not for participating securities. For the three and six months ended June 30, 2015, 1,024,705 and 1,450,390 of the outstanding weighted-average Warrants, respectively, have been excluded from the below table. For the three and six months ended June 29, 2014, 3,846,003 and 4,178,208 of the outstanding weighted-average Warrants, respectively, have been excluded from the below table.

The calculation of basic and diluted EPS is presented below (in thousands, except for per share data):



	Three Months Ended					Six Months Ended
	June 30, 2015			June 29, 2014		June 30, 2015		June 29, 2014
EPS numerator:
Income (loss) from continuing operations, as reported	$	(3,265	)	$	67,082	$	33,152	$	95,549
Less: Dividends distributed to Warrants	172			—		172		—
Less: Undistributed earnings allocated to Warrants	—			2,577		497		3,989
(Loss) income from continuing operations attributable to common shareholders for basic EPS	$	(3,437	)	$	64,505	$	32,483	$	91,560
Add: Undistributed earnings allocated to dilutive securities (1)	—			6		1		4
(Loss) income from continuing operations attributable to common shareholders for diluted EPS	$	(3,437	)	$	64,511	$	32,484	$	91,564

Income from discontinued operations, as reported	$	—		$	15,840	$	—	$	28,441
Less: Undistributed earnings allocated to Warrants	—			608		—		1,187
Income from discontinued operations attributable to common shareholders for basic and diluted EPS (1)	$	—		$	15,232	$	—	$	27,254



	Three Months Ended					Six Months Ended
	June 30, 2015			June 29, 2014		June 30, 2015		June 29, 2014
Net income (loss) attributable to common shareholders for basic EPS	$	(3,437	)	$	79,737	$	32,483	$	118,814

Net income (loss) attributable to common shareholders for diluted EPS	$	(3,437	)	$	79,743	$	32,484	$	118,818

EPS denominator:
Weighted average shares outstanding - basic	95,337			96,294		95,374		95,909
Impact of dilutive securities (1)	—			190		191		217
Weighted average shares outstanding - diluted	95,337			96,484		95,565		96,126

Basic Earnings (Loss) Per Common Share from:
Continuing Operations	$	(0.04	)	$	0.67	$	0.34	$	0.96
Discontinued Operations	—			0.16		—		0.28
Net Earnings (Loss) Per Common Share	$	(0.04	)	$	0.83	$	0.34	$	1.24

Diluted Earnings (Loss) Per Common Share from:
Continuing Operations	$	(0.04	)	$	0.67	$	0.34	$	0.96
Discontinued Operations	—			0.16		—		0.28
Net Earnings (Loss) Per Common Share	$	(0.04	)	$	0.83	$	0.34	$	1.24


(1)	The impact of dilutive securities associated with Equity Awards held by Tribune Publishing employees was immaterial. As such, all of the impact of dilutive securities has been allocated to diluted EPS from continuing operations.

Since the Company was in a net loss position for the three months ended June 30, 2015, there was no difference between the number of shares used to calculate basic and diluted loss per share for the three months ended June 30, 2015. Because of their anti-dilutive effect, 1,940,343 and 1,382,273 common share equivalents, comprised of NSOs, PSUs and RSUs, have been excluded from the diluted EPS calculation for the three and six months ended June 30, 2015, respectively. Because of their anti-dilutive effect, 758,685 and 560,758 common share equivalents, comprised of NSOs and RSUs, have been excluded from the diluted EPS calculation for the three and six months ended June 29, 2014, respectively.