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EARNINGS (LOSS) PER SHARE
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE

NOTE 5. EARNINGS (LOSS) PER SHARE

The following table presents the calculation of net earnings (loss) per common share — basic and diluted:

 

(In millions, except per share amounts)

 

2022

 

 

2021

 

 

2020

 

Basic Earnings (Loss) Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

178

 

 

$

187

 

 

$

(63

)

Loss from discontinued operations, net of tax

 

 

(12

)

 

 

(395

)

 

 

(256

)

Net income (loss)

 

$

166

 

 

$

(208

)

 

$

(319

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding

 

 

48

 

 

 

53

 

 

 

53

 

Basic earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

3.73

 

 

$

3.54

 

 

$

(1.20

)

Discontinued operations

 

 

(0.25

)

 

 

(7.47

)

 

 

(4.85

)

Net basic earnings (loss) per share

 

$

3.48

 

 

$

(3.93

)

 

$

(6.05

)

Diluted Earnings (Loss) Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

178

 

 

$

187

 

 

$

(63

)

Loss from discontinued operations, net of tax

 

 

(12

)

 

 

(395

)

 

 

(256

)

Net income (loss)

 

$

166

 

 

$

(208

)

 

$

(319

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding

 

 

48

 

 

 

53

 

 

 

53

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and restricted stock

 

 

1

 

 

 

2

 

 

 

—

 

Diluted weighted-average shares outstanding

 

 

49

 

 

 

55

 

 

 

53

 

Diluted earnings (loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

3.61

 

 

$

3.42

 

 

$

(1.20

)

Discontinued operations

 

 

(0.24

)

 

 

(7.21

)

 

 

(4.85

)

Net diluted earnings (loss) per share

 

$

3.37

 

 

$

(3.79

)

 

$

(6.05

)

 

Awards of stock options and nonvested shares representing additional shares of outstanding common stock were less than 1 million, 1 million and 2 million for the fiscal years ended December 31, 2022, December 25, 2021 and December 26, 2020, respectively, but were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive.