쮸떴app Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings Attributable to 쮸떴app Stockholders Per Common Share

Earnings Attributable to 쮸떴app Stockholders Per Common Share

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

桂

Earnings Attributable to 쮸떴app Stockholders Per Common Share

(5)桂桂桂Earnings Attributable to 쮸떴app Stockholders Per Common Share

Basic earnings (loss) per common share ("EPS") is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding (�쏻ASO��) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented, including any necessary adjustments to earnings (loss) attributable to shareholders.

As discussed in note 2, on April 15, 2016, the Company completed a recapitalization of its common stock into three new tracking stock groups, one designated as the 쮸떴app SiriusXM common stock, one designated as the 쮸떴app Braves common stock and one designated as the 쮸떴app Media common stock. As further discussed in note 2, the 쮸떴app Media common stock was renamed 쮸떴app Formula One common stock on January 24, 2017 shortly after the Second Closing. The operating results prior to the Recapitalization are attributed to 쮸떴app stockholders in the aggregate, and the operating results subsequent to the Recapitalization are attributed to the respective tracking stock groups.

Excluded from diluted EPS for the three months ended March 31, 2017 are approximately 21 million potentially dilutive shares of Series A 쮸떴app SiriusXM common stock, 2 million potentially dilutive shares of Series A 쮸떴app Braves common stock and 8 million potentially dilutive shares of Series A 쮸떴app Formula One common stock, primarily due to warrants issued in connection with the Bond Hedge Transaction (note 10), because their inclusion would be antidilutive. The Amended Warrant Transactions (note 10) may have a dilutive effect with respect to the shares comprising the Securities Basket underlying the warrants to the extent that the settlement price exceeds the strike price of the warrants, and the warrants are settled in shares comprising such Securities Basket. The warrants and any potential future settlement have been attributed to the Formula One Group. 桂Additionally, the Delta Topco Exchangeable Notes may have a dilutive effect to the extent that the settlement price exceeds the strike price of the notes, and the Delta Topco Exchangeable Notes are settled in shares of Series C 쮸떴app Formula One common stock. 桂

Series桂A, Series桂B and Series C 쮸떴app Common Stock

The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock.桂

桂

桂	桂	桂	桂	桂	桂
桂	桂	쮸떴app桂Media Corporation Common桂Stock			桂
桂	桂	Three桂months	桂	Three桂months	桂
桂	桂	ended	桂	ended	桂
桂	桂桂桂桂	March 31, 2017	桂桂桂桂	March 31, 2016	桂
桂	桂	numbers桂of桂shares桂in桂millions			桂
Basic WASO	桂	NA	桂	335	桂
Potentially dilutive shares	桂	NA	桂	桂2	桂
Diluted WASO	桂	NA	桂	337	桂

Series桂A, Series桂B and Series C 쮸떴app SiriusXM Common Stock

The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock.桂

桂

桂	桂	桂	桂	桂	桂
桂	桂	쮸떴app桂SiriusXM Common桂Stock			桂
桂	桂	Three桂months	桂	Three桂months	桂
桂	桂	ended	桂	ended	桂
桂	桂桂桂桂	March 31, 2017	桂桂桂桂	March 31, 2016	桂
桂	桂	numbers桂of桂shares桂in桂millions			桂
Basic WASO	桂	335	桂	NA	桂
Potentially dilutive shares	桂	桂4	桂	NA	桂
Diluted WASO	桂	339	桂	NA	桂

Series桂A, Series桂B and Series C 쮸떴app Braves Common Stock

The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock.桂

桂	桂	桂	桂	桂	桂
桂	桂	쮸떴app桂Braves Common桂Stock			桂
桂	桂	Three桂months	桂	Three桂months	桂
桂	桂	ended	桂	ended	桂
桂	桂桂桂桂	March 31, 2017 (a)(b)	桂桂桂桂	March 31, 2016	桂
桂	桂	numbers桂of桂shares桂in桂millions			桂
Basic WASO	桂	49	桂	NA	桂
Potentially dilutive shares	桂	10	桂	NA	桂
Diluted WASO	桂	59	桂	NA	桂

(a)

Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

(b)

As discussed in note 2, following the Recapitalization and Series桂C 쮸떴app Braves common stock rights offering, the number of notional shares representing the桂Formula One Group�셲 intergroup interest in the Braves Group was adjusted to 9,084,940 shares. The intergroup interest is a quasi-equity interest which is not represented by outstanding shares of common stock; rather, the Formula One Group has an attributed value in the Braves Group which is generally stated in terms of a number of shares of stock issuable to the Formula One Group with respect to its interest in the Braves Group. Each reporting period, the notional shares representing the intergroup interest are marked to fair value. As the notional shares underlying the intergroup interest are not represented by outstanding shares of common stock, such shares have not been officially designated Series A, B or C 쮸떴app Braves common stock. However, 쮸떴app has assumed that the notional shares (if and when issued) would be comprised of Series C 쮸떴app Braves common stock in order to not dilute voting percentages. Therefore, the market price of Series C 쮸떴app Braves common stock is used for the quarterly mark-to-market adjustment through the unaudited attributed condensed consolidated statements of operations. The notional shares representing the intergroup interest have no impact on the basic earnings per share weighted average number of shares outstanding. However, the notional shares representing the intergroup interest are included in the diluted earnings per share WASO as if the shares had been issued and outstanding during the period. An adjustment is also made to the numerator in the diluted earnings per share calculation for the unrealized gain or loss incurred from marking the intergroup interest to fair value during the period as follows:

桂	桂	桂	桂	桂	桂
桂	桂	Three桂months	桂	Three桂months	桂
桂	桂	ended	桂	ended	桂
桂	桂	March 31, 2017	桂桂桂桂	March 31, 2016	桂
桂	桂桂桂桂	amounts桂in桂millions			桂
Basic earnings (loss) attributable to 쮸떴app Braves shareholders	$	(49)	桂	NA	桂
Unrealized (gain) loss on the intergroup interest	桂	28	桂	NA	桂
Diluted earnings (loss) attributable to 쮸떴app Braves shareholders	$	(21)	桂	NA	桂
桂	桂	桂	桂	桂	桂

Series桂A, Series桂B and Series C 쮸떴app Formula One Common Stock

The basic and diluted EPS calculations are based on the following weighted average outstanding shares of common stock.桂

桂	桂	桂	桂	桂	桂
桂	桂	쮸떴app桂Formula One Common桂Stock			桂
桂	桂	Three桂months	桂	Three桂months	桂
桂	桂	ended	桂	ended	桂
桂	桂桂桂桂	March 31, 2017	桂桂桂桂	March 31, 2016	桂
Basic WASO	桂	numbers桂of桂shares桂in桂millions			桂
Potentially dilutive shares	桂	173	桂	NA	桂
Diluted WASO	桂	桂6	桂	NA	桂
桂	桂	179	桂	NA	桂

桂