Earnings Per Share

9 Months Ended

Oct. 01, 2023

EARNINGS PER SHARE

The following is a reconciliation of basic net earnings per share to diluted net earnings per share:


	Fiscal Third Quarter Ended			Fiscal Nine Months Ended
(Shares in Millions)	October 1, 2023		October 2, 2022	October 1, 2023	October 2, 2022
Basic net earnings per share from continuing operations	$	1.71	1.64	3.57	5.00
Basic net earnings per share from discontinued operations	8.61		0.06	8.51	0.49
Total net earnings per share - basic	10.32		1.70	12.08	5.49
Average shares outstanding — basic	2,522.9		2,627.9	2,575.6	2,628.9
Potential shares exercisable under stock option plans	119.2		140.1	96.9	141.1
Less: shares which could be repurchased under treasury stock method	(92.4)		(106.7)	(69.1)	(102.5)

Average shares outstanding — diluted	2,549.7		2,661.3	2,603.4	2,667.5
Diluted net earnings per share from continuing operations	1.69		1.62	3.53	4.93
Diluted net earnings per share from discontinuing operations	8.52		0.06	8.42	0.48
Total net earnings per share - diluted	$	10.21	1.68	11.95	5.41

The diluted net earnings per share calculation for the fiscal third quarter ended October 1, 2023 excluded 16.4 million shares related to stock options, as the exercise price of these options was greater than the average market value of the Company’s stock. The diluted net earnings per share calculation for the fiscal third quarter ended October 2, 2022 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 nine months ended October 1, 2023 excluded 42.9 million shares related to stock options, as the exercise price of these options was greater than the average market value of the Company’s stock. The diluted net earnings per share calculation for the fiscal nine months ended October 2, 2022 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.