Earnings Per Share

6 Months Ended

Jun. 27, 2020

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						Six Months Ended
	June 27, 2020		June 29, 2019		June 27, 2020		June 29, 2019
Basic:
Net income	$	100	$	124	$	189	$	239
Weighted-average shares outstanding	53,188,486		54,027,576		53,533,116		53,965,181
Basic earnings per share	$	1.87	$	2.28	$	3.53	$	4.43

Diluted:
Net income	$	100	$	124	$	189	$	239
Weighted-average shares outstanding	53,188,486		54,027,576		53,533,116		53,965,181
Dilutive shares	487,244		621,123		522,208		637,191
Diluted weighted-average shares outstanding	53,675,730		54,648,699		54,055,324		54,602,372
Diluted earnings per share	$	1.85	$	2.26	$	3.49	$	4.37

Anti-dilutive options to purchase common shares are excluded from diluted earnings per share calculations. There were 108,950 and 61,239 shares that were anti-dilutive for the three months ended June 27, 2020 and June 29, 2019, respectively. There were 89,091 and 32,882 shares that were anti-dilutive for the six months ended June 27, 2020 and June 29, 2019, respectively.