Earnings Per Share

The following is a reconciliation of basic net earnings per share to diluted net earnings per share for the fiscal years ended January 3, 2016, December 28, 2014 and December 29, 2013:



(In Millions Except Per Share Amounts)	2015			2014		2013
Basic net earnings per share	$	5.56		5.80		4.92
Average shares outstanding — basic	2,771.8			2,815.2		2,809.2
Potential shares exercisable under stock option plans	141.5			142.6		148.5
Less: shares repurchased under treasury stock method	(102.6		)	(96.5	)	(103.3	)
Convertible debt shares	2.2			2.6		3.0
Accelerated share repurchase program	—			—		19.6
Adjusted average shares outstanding — diluted	2,812.9			2,863.9		2,877.0
Diluted net earnings per share	$	5.48		5.70		4.81

The diluted net earnings per share calculation included the dilutive effect of convertible debt that is offset by the related reduction in interest expense of $3 million after-tax for years 2015 and 2014 and $4 million for year 2013.

The diluted net earnings per share calculation for 2015, 2014 and 2013 included all shares related to stock options, as the exercise price of all options was less than the average market value of the Company's stock.

The diluted net earnings per share calculation for the fiscal year ended December 29, 2013 included the dilutive effect of 19.6 million shares, related to the accelerated share repurchase program, associated with the acquisition of Synthes, Inc. in the fiscal year 2012.