NET EARNINGS (LOSS) PER SHARE

Basic net earnings (loss) per share is calculated using net earnings (loss) attributable to SUPERVALU INC. divided by the weighted average number of shares outstanding during the period. Diluted net earnings (loss) per share is similar to basic net earnings (loss) per share except that the weighted average number of shares outstanding is computed after giving effect to the dilutive impacts of stock-based awards, if any.

The following table reflects the calculation of basic and diluted net earnings (loss) per share:



	Third Quarter Ended					Year-To-Date Ended
	December 2, 2017 (12 weeks)		December 3, 2016 (12 weeks)			December 2, 2017 (40 weeks)			December 3, 2016 (40 weeks)
Net earnings (loss) from continuing operations	$	18	$	(11	)	$	5		$	21
Less net earnings attributable to noncontrolling interests	—		(1		)	(1		)	(3		)
Net earnings (loss) from continuing operations attributable to SUPERVALU INC.	18		(12		)	4			18
Income (loss) from discontinued operations, net of tax	8		(14		)	8			33
Net earnings (loss) attributable to SUPERVALU INC.	$	26	$	(26	)	$	12		$	51

Weighted average number of shares outstanding—basic	38		38			38			38
Dilutive impact of stock-based awards	—		—			—			—
Weighted average number of shares outstanding—diluted	38		38			38			38

Basic net earnings (loss) per share attributable to SUPERVALU INC.:
Continuing operations	$	0.47	$	(0.31	)	$	0.12		$	0.49
Discontinued operations	$	0.21	$	(0.39	)	$	0.20		$	0.85
Basic net earnings (loss) per share	$	0.67	$	(0.69	)	$	0.32		$	1.34
Diluted net earnings (loss) per share attributable to SUPERVALU INC.:
Continuing operations	$	0.46	$	(0.31	)	$	0.12		$	0.48
Discontinued operations	$	0.21	$	(0.39	)	$	0.20		$	0.84
Diluted net earnings (loss) per share	$	0.67	$	(0.69	)	$	0.31		$	1.33

Stock-based awards of 2 and 2 that were outstanding during the third quarters of fiscal 2018 and 2017, respectively, were excluded from the calculation of diluted net earnings per share from continuing operations for the periods because their inclusion would be antidilutive. Stock-based awards of 2 and 2 that were outstanding during fiscal 2018 and 2017 year-to-date, respectively, were excluded from the calculation of diluted net earnings per share from continuing operations for the periods because their inclusion would be antidilutive.

Reverse Stock Split

At the close of business on August 1, 2017, a 1-for-7 reverse split of Supervalu’s common stock became effective and the number of authorized shares of Supervalu’s common stock decreased to approximately 57, while the number of issued and outstanding shares was reduced from approximately 269 to 38. Supervalu's common stock began trading on a split-adjusted basis when the market opened on August 2, 2017. No fractional shares were issued from the reverse stock split. In lieu of any fractional shares, any holder of less than one share of common stock was entitled to receive cash for such holder’s fractional share. The reverse stock split did not impact the authorized number of shares of preferred stock of Supervalu, none of which were outstanding. The reverse stock split reduced the number of shares of common stock available for issuance under Supervalu’s equity compensation plans in proportion to the reverse stock split ratio. The reverse stock split caused a reduction in the number of shares of common stock issuable upon exercise or vesting of equity awards in proportion to the reverse stock split ratio and caused a proportionate increase in any exercise price of such awards. Supervalu’s common stock continues to trade on the NYSE under the symbol “SVU.”