Basic and diluted earnings/(loss) per share have been computed as follows: The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed  exercise of outstanding securities. Our warrants, restricted stock units and stock options could have the most  significant impact on diluted shares. In January 2009, pursuant to a securities purchase agreement, we issued warrants to affiliates of Carlos Slim  Helú, the beneficial owner of approximately 8% of our Class A Common Stock (excluding the warrants), to purchase  15.9 million shares of our Class A Common Stock at a price of $6.3572 per share. On January 14, 2015, the warrant  holders exercised these warrants in full and the Company received cash proceeds of approximately $101.1 million  from this exercise. See Note 19 for additional information. Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share  when a loss from continuing operations exists or when the exercise price exceeds the market value of our Class A  Common Stock, because their inclusion would result in an anti-dilutive effect on per share amounts. The number of stock options that was excluded from the computation of diluted earnings per share because  they were anti-dilutive was approximately 6 million in 2014, 10 million in 2013 and 15 million in 2012, respectively. As of December 28, 2014, the Company was authorized to grant stock-based compensation under its 2010  Incentive Compensation Plan (the “2010 Incentive Plan”), which became effective April 27, 2010, and replaced the  1991 Executive Stock Incentive Plan (the “1991 Incentive Plan”). In addition, through April 30, 2014, the Company  maintained its 2004 Non-Employee Directors’ Stock Incentive Plan (the “2004 Directors’ Plan”). In 2013, the Company redesigned its long-term incentive compensation program, eliminating annual grants of  stock options and restricted stock units and long-term performance awards payable solely in cash for executives. In  their place, executives have the opportunity to earn cash and shares of Class A Common Stock at the end of three-year  cycles based on the achievement of financial goals tied to a financial metric and stock price performance relative to  companies in the Standard & Poor’s 500 Stock Index, with the majority of the target award to be settled in the  Company’s Class A Common Stock. We recognize stock-based compensation expense for these stock-settled long-term performance awards, stock- settled and cash-settled restricted stock units, stock options and stock appreciation rights (together, “Stock-Based  Awards”). Stock-based compensation expense was $8.9 million in 2014, $8.8 million in 2013 and $4.5 million in 2012. THE NEW YORK TIMES COMPANY – P. 97 15. Stock-Based Awards Years Ended (In thousands, except per share data) December 28, 2014 December 29, 2013 December 30, 2012 (52 weeks) (53 weeks) (52 weeks) Amounts attributable to The New York Times Company common stockholders: Income from continuing operations $ 34,393 $ 57,156 $ 163,774 (Loss)/income from discontinued operations, net of income taxes (1,086) 7,949 (27,927) Net income $ 33,307 $ 65,105 $ 135,847 Average number of common shares outstanding: Basic 150,673 149,755 148,147 Diluted 161,323 157,774 152,693 Basic earnings per share attributable to The New York Times Company common stockholders: Income from continuing operations $ 0.23 $ 0.38 $ 1.11 (Loss)/income from discontinued operations, net of income taxes (0.01) 0.05 (0.19) Net income $ 0.22 $ 0.43 $ 0.92 Diluted earnings per share attributable to The New York Times Company common stockholders: Income from continuing operations $ 0.21 $ 0.36 $ 1.07 (Loss)/income from discontinued operations, net of income taxes (0.01) 0.05 (0.18) Net income $ 0.20 $ 0.41 $ 0.89