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EARNINGS PER SHARE
 6 Months Ended
Jun. 25, 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:

 

 

 

Second Quarter

 

 

First Half

 

(In millions, except per share amounts)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Basic Earnings (Loss) Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

20

 

 

$

20

 

 

$

75

 

 

$

82

 

Income (loss) from discontinued operations, net of tax

 

 

7

 

 

 

(108

)

 

 

7

 

 

 

(117

)

Net income (loss)

 

$

27

 

 

$

(88

)

 

$

82

 

 

$

(35

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding

 

 

49

 

 

 

54

 

 

 

49

 

 

 

54

 

Basic earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.40

 

 

$

0.36

 

 

$

1.54

 

 

$

1.53

 

Discontinued operations

 

 

0.15

 

 

 

(1.98

)

 

 

0.14

 

 

 

(2.18

)

Net basic earnings (loss) per share

 

$

0.55

 

 

$

(1.62

)

 

$

1.68

 

 

$

(0.65

)

Diluted Earnings (Loss) Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

20

 

 

$

20

 

 

$

75

 

 

$

82

 

Income (loss) from discontinued operations, net of tax

 

 

7

 

 

 

(108

)

 

 

7

 

 

 

(117

)

Net income (loss)

 

$

27

 

 

$

(88

)

 

$

82

 

 

$

(35

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding

 

 

49

 

 

 

54

 

 

 

49

 

 

 

54

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and restricted stock

 

 

1

 

 

 

2

 

 

 

1

 

 

 

2

 

Diluted weighted-average shares outstanding

 

 

50

 

 

 

56

 

 

 

50

 

 

 

56

 

Diluted earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.39

 

 

$

0.35

 

 

$

1.49

 

 

$

1.47

 

Discontinued operations

 

 

0.15

 

 

 

(1.93

)

 

 

0.14

 

 

 

(2.10

)

Net diluted earnings (loss) per share

 

$

0.54

 

 

$

(1.58

)

 

$

1.63

 

 

$

(0.63

)

 

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