Earnings Per Share

3 Months Ended

Apr. 03, 2021

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
	April 3, 2021		March 28, 2020
Basic:
Net income	$	228	$	89
Weighted-average shares outstanding	53,484,265		53,760,873
Basic earnings per share	$	4.26	$	1.66

Diluted:
Net income	$	228	$	89
Weighted-average shares outstanding	53,484,265		53,760,873
Dilutive shares	480,065		557,171
Diluted weighted-average shares outstanding	53,964,330		54,318,044
Diluted earnings per share	$	4.22	$	1.65

Anti-dilutive options to purchase common shares are excluded from diluted earnings per share calculations. There were 570 and 68,554 shares that were anti-dilutive for the three months ended April 3, 2021 and March 28, 2020, respectively.