Earnings per Share

Basic net earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock method and in periods of income, reflects the additional shares that would be outstanding if dilutive stock options were exercised for common shares during the period.

Earnings per share (in millions, except share data):



	Three Months Ended					Nine Months Ended
	September 29, 2018		September 30, 2017			September 29, 2018		September 30, 2017
Basic:
Net income (loss)	$	127	$	(12	)	$	306	$	13
Weighted-average shares outstanding	53,740,174		52,220,868			53,516,859		52,964,066
Basic earnings per share	$	2.37	$	(0.23	)	$	5.72	$	0.25

Diluted:
Net income (loss)	$	127	$	(12	)	$	306	$	13
Weighted-average shares outstanding	53,740,174		52,220,868			53,516,859		52,964,066
Dilutive shares	684,706		—			720,694		667,433
Diluted weighted-average shares outstanding	54,424,880		52,220,868			54,237,553		53,631,499
Diluted earnings per share	$	2.34	$	(0.23	)	$	5.64	$	0.25

Anti-dilutive options to purchase common shares are excluded from diluted earnings per share calculations. Anti-dilutive options consist primarily of stock appreciation rights (“SARs”) with an exercise price greater than the average market closing price of the Class A common stock. There were 1,139 and 914,183 anti-dilutive options for the three-month periods ended September 29, 2018 and September 30, 2017, respectively. There were 87,458 and 687,831 anti-dilutive options for the nine-month periods ended September 29, 2018 and September 30, 2017, respectively.