Earnings Per Share and Shareholders' Equity

9 Months Ended

Oct. 02, 2021

Earnings Per Share and Shareholders' Equity

EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY

Earnings per Share

A reconciliation of the numerators and denominators used in the basic and diluted earnings per share ("EPS") calculation is as follows (in millions):


	Three Months Ended				Nine Months Ended
	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Numerator:
Income (loss) from continuing operations	$	(53.9)	$	26.4	$	(163.0)	$	96.4
Income (loss) from discontinued operations, net of tax	(5.0)		(181.0)		84.5		(84.0)
Net income (loss)	$	(58.9)	$	(154.6)	$	(78.5)	$	12.4

Denominator:
Weighted average shares outstanding for basic EPS	133.8		136.5		133.5		136.3
Dilutive effect of share-based awards*	—		1.1		—		1.2
Weighted average shares outstanding for diluted EPS	133.8		137.6		133.5		137.5

Anti-dilutive share-based awards excluded from computation of diluted EPS*	—		1.5		—		1.5
* In the period of a net loss, diluted shares equal basic shares.

Shareholders' Equity

Share Repurchases

In October 2018, our Board of Directors authorized up to $1.0 billion of share repurchases with no expiration date, subject to the Board of Directors’ approval of the pricing parameters and amount that may be repurchased under each specific share repurchase program (the "2018 Authorization"). We did not repurchase any shares during the three and nine months ended October 2, 2021 or September 26, 2020.