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Earnings (Loss) Per Share Attributable to Navistar International Corporation
 3 Months Ended
Jan. 31, 2016
Earnings Per Share [Abstract]  
Loss Per Share Attributable to Navistar International Corporation
Loss Per Share Attributable to Navistar International Corporation
The following table presents the information used in the calculation of our basic and diluted loss per share for continuing operations, discontinued operations, and net loss, all attributable to Navistar International Corporation:
 
Three Months Ended January 31,
(in millions, except per share data)
2016
 
2015
Numerator:
 
 
 
Amounts attributable to Navistar International Corporation common stockholders:
 
 
 
Loss from continuing operations, net of tax
$
(33
)
 
$
(42
)
Income (loss) from discontinued operations, net of tax
—

 
—

Net loss
$
(33
)
 
$
(42
)
 
 
 
 
Denominator:
 
 
 
Weighted average shares outstanding:
 
 
 
Basic
81.7

 
81.5

Effect of dilutive securities
—

 
—

Diluted
81.7

 
81.5

 
 
 
 
Loss per share attributable to Navistar International Corporation:
 
 
 
Basic:
 
 
 
Continuing operations
$
(0.40
)
 
$
(0.52
)
Discontinued operations
—

 
—

Net loss
$
(0.40
)
 
$
(0.52
)
Diluted:


 


Continuing operations
$
(0.40
)
 
$
(0.52
)
Discontinued operations
—

 
—

Net loss
$
(0.40
)
 
$
(0.52
)

The conversion rate on our 4.50% senior subordinated convertible notes due 2018 ("2018 Convertible Notes") is 17.1233 shares of common stock per $1,000 principal amount of 2018 Convertible Notes, equivalent to an initial conversion price of approximately $58.40 per share of common stock. The 2018 Convertible Notes have an anti-dilutive effect when calculating diluted earnings per share when our average stock price is less than $58.40.
The conversion rate on our 4.75% senior subordinated convertible notes due April 2019 ("2019 Convertible Notes") is 18.4946 shares of common stock per $1,000 principal amount of 2019 Convertible Notes, equivalent to an initial conversion price of approximately $54.07 per share of common stock. The 2019 Convertible Notes have an anti-dilutive effect when calculating diluted earnings per share when our average stock price is less than $54.07.
The computation of diluted earnings per share also excludes outstanding options and other common stock equivalents in periods where inclusion of such potential common stock instruments would be anti-dilutive.
For the three months ended January 31, 2016 and 2015, no dilutive securities were included in the computation of diluted loss per share as their inclusion would have been anti-dilutive due to the net loss attributable to Navistar International Corporation. Additionally, certain securities have been excluded from the computation of earnings per share, as our average stock price was less than the respective exercise prices. For the three months ended January 31, 2016 and 2015, the aggregate shares not included in the calculation of diluted loss per share were 15 million and 17 million, respectively.
In both the three months ended January 31, 2016 and 2015, the aggregate shares not included in the computation of earnings per share were primarily comprised of 3.4 million shares related to the 2018 Convertible Notes and 7.6 million shares related to the 2019 Convertible Notes.