Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings per share

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


	Fiscal First Quarter Ended
(Shares in Millions)	March 31, 2024	April 2, 2023
Basic net earnings (loss) per share from continuing operations	$1.35	(0.19)
Basic net earnings per share from discontinued operations	—	0.16
Total net earnings (loss) per share - basic	1.35	(0.03)
Average shares outstanding — basic	2,408.2	2,605.5
Potential shares exercisable under stock option plans	87.6	—
Less: shares which could be repurchased under treasury stock method	(65.7)	—

Average shares outstanding — diluted/basic*	2,430.1	2,605.5
Diluted net earnings (loss) per share from continuing operations	1.34	(0.19)
Diluted net earnings per share from discontinuing operations	—	0.16
Total net earnings (loss) per share - diluted	$1.34	(0.03)

The diluted net earnings per share calculation for the fiscal first quarter ended March 31, 2024 excluded 44.2 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.

* Basic shares are used to calculate loss per share as use of diluted shares when in a loss position would be anti-dilutive.