EARNINGS PER SHARE

9 Months Ended

Sep. 24, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 5. EARNINGS PER SHARE

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

	Third Quarter					Year-to-Date
(In millions, except per share amounts)	2022			2021		2022		2021
Basic Earnings (Loss) Per Share
Numerator:
Net income from continuing operations	$	67		$	73	$	142	$	155
Income (loss) from discontinued operations, net of tax		—			28		7		(89	)
Net income	$	67		$	101	$	149	$	66
Denominator:
Weighted-average shares outstanding		48			53		49		54
Basic earnings (loss) per share:
Continuing operations	$	1.39		$	1.38	$	2.92	$	2.89
Discontinued operations		(0.01	)		0.54		0.14		(1.65	)
Net basic earnings per share	$	1.38		$	1.92	$	3.06	$	1.24
Diluted Earnings (Loss) Per Share
Numerator:
Net income from continuing operations	$	67		$	73	$	142	$	155
Income (loss) from discontinued operations, net of tax		—			28		7		(89	)
Net income	$	67		$	101	$	149	$	66
Denominator:
Weighted-average shares outstanding		48			53		49		54
Effect of dilutive securities:
Stock options and restricted stock		1			2		1		2
Diluted weighted-average shares outstanding		49			55		50		56
Diluted earnings (loss) per share:
Continuing operations	$	1.36		$	1.33	$	2.84	$	2.79
Discontinued operations		(0.01	)		0.52		0.13		(1.60	)
Net diluted earnings per share	$	1.35		$	1.85	$	2.97	$	1.19

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