Net Loss Per Share

3 Months Ended

Mar. 31, 2016

Upon First Data Holdings, Inc. (FDH), the Company's direct parent company, merging with and into FDC on October 13, 2015, all outstanding shares of FDH's Class A Common Stock, Class B Common Stock, and Series A Voting Participating Convertible Preferred Stock (Series A Preferred Stock) automatically converted to identical shares of the Company's stock. Following the filing of the Company's prospectus with the Securities and Exchange Commission on October 15, 2015, holders of existing Class B Common Stock and Series A Preferred Stock received Class B Common Stock in the Company. Other than voting rights, this common stock has the same rights as the Class A Common Stock and therefore both are treated as the same class of stock for purposes of the net loss per share calculation.

Basic net loss per share is calculated by dividing net loss attributable to FDC by the weighted-average shares outstanding during the period, without consideration for any potential dilutive shares. Diluted net loss per share has been computed to give effect to the impact, if any, of shares issuable upon the assumed exercise of the Company’s common stock equivalents, which consist of outstanding stock options and unvested restricted stock.

For the three months ended March 31, 2016, all outstanding options and unvested restricted stock were excluded from the calculation of diluted shares due to these securities being anti-dilutive because of the Company’s net loss attributable to FDC.

The following table sets forth the computation of the Company's basic and diluted net loss per share for the periods presented:



	Three Months Ended March 31,
(in millions, except share amounts)	2016			2015
Numerator:
Net loss used in computing net loss per share, basic and diluted	$	(56	)	$	(112	)

Denominator:
Shares used in computing net loss per share, basic and diluted (a)	896,339,379			1,000

Net loss per share, basic and diluted	$	(0.06	)	$	(112,000	)

Anti-dilutive shares excluded from diluted net loss per share	46,345,843			—


(a)	2015 net loss per share, basic and diluted is calculated using 1,000 shares outstanding prior to the merger with FDH and the filing of the Company's prospectus in October 2015.