Earnings Per Share

6 Months Ended

Jul. 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				Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Basic:
Net income	$	219	$	100	$	447	$	189
Weighted-average shares outstanding	53,449,143		53,188,486		53,460,495		53,533,116
Basic earnings per share	$	4.10	$	1.87	$	8.36	$	3.53

Diluted:
Net income	$	219	$	100	$	447	$	189
Weighted-average shares outstanding	53,449,143		53,188,486		53,460,495		53,533,116
Dilutive shares	459,152		487,244		469,608		522,208
Diluted weighted-average shares outstanding	53,908,295		53,675,730		53,930,103		54,055,324
Diluted earnings per share	$	4.07	$	1.85	$	8.29	$	3.49

Anti-dilutive options to purchase common shares are excluded from diluted earnings per share calculations. No shares were anti-dilutive for the three and six months ended July 3, 2021. 108,950 and 89,091 shares were anti-dilutive for the three and six months ended June 27, 2020, respectively.