Naturally, you're sorry for the two employees that have been let go, but deep down, you're breathing a sigh of relief. At least it wasn't you...this time.
Some random thoughts:
After such an announcement, it's usually a good idea to go out for a smoke. You don't really need it, but it's a good excuse to get away from your desk for ten minutes and bullshit with your fellow survivors.
After 10 minutes of standing in single-digit temperatures among the falling snow, you start to rethink your earlier decision. You go back inside and walk to your desk, grateful that you still have a desk to walk to.
Walking up four flights of stairs after having a cigarette, freezing your ass off, and being out of shape will do wonderful things to your pulse and respiration. You promise yourself you won't do that again...until the next round of layoffs.