EARNINGS PER SHARE

3 Months Ended

Mar. 26, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 6. EARNINGS PER SHARE

The following table represents the calculation of earnings (loss) per common share – basic and diluted:

	First Quarter
(In millions, except per share amounts)	2022		2021
Basic Earnings (Loss) Per Share
Numerator:
Net income from continuing operations	$	55	$	63
Loss from discontinued operations, net of tax		—		(10	)
Net income	$	55	$	53
Denominator:
Weighted-average shares outstanding		49		53
Basic earnings (loss) per share:
Continuing operations	$	1.14	$	1.17
Discontinued operations		—		(0.18	)
Net basic earnings per share	$	1.14	$	0.99
Diluted Earnings (Loss) Per Share
Numerator:
Net income from continuing operations	$	55	$	63
Loss from discontinued operations, net of tax		—		(10	)
Net income	$	55	$	53
Denominator:
Weighted-average shares outstanding		49		53
Effect of dilutive securities:
Stock options and restricted stock		2		3
Diluted weighted-average shares outstanding		51		56
Diluted earnings (loss) per share:
Continuing operations	$	1.09	$	1.12
Discontinued operations		—		(0.17	)
Net diluted earnings per share	$	1.09	$	0.95

Awards of stock options and nonvested shares representing additional shares of outstanding common stock less than 1 million in the first quarter of 2022 and less than 1 million in the first quarter of 2021 were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive.