EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 27, 2021

Earnings Per Share [Abstract]

Calculation of Earnings Per Common Share

As disclosed in Note 1, a 1-for-10 reverse stock split of the Company’s outstanding shares of common stock and a reduction in the number of authorized shares of the Company’s common stock by a corresponding ratio became effective on June 30, 2020. All share and per share amounts have been retroactively adjusted for the prior period presented to give effect to this reverse stock split. The following table represents the calculation of earnings per common share – basic and diluted:

	First Quarter
(In millions, except per share amounts)	2021		2020
Basic Earnings Per Share
Numerator:
Net income	$	53	$	45
Denominator:
Weighted-average shares outstanding		53		53
Basic earnings per share	$	0.99	$	0.86
Diluted Earnings Per Share
Numerator:
Net income	$	53	$	45
Denominator:
Weighted-average shares outstanding		53		53
Effect of dilutive securities:
Stock options and restricted stock		3		1
Diluted weighted-average shares outstanding		56		54
Diluted earnings per share	$	0.95	$	0.84