(Loss) Earnings Per Share

6 Months Ended

Jul. 02, 2022

Basic net (loss) earnings per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding for the period. Diluted (loss) earnings per share is computed by dividing net (loss) 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 share-based compensation awards were converted into common shares during the period.

(Loss) earnings per share (in millions, except share data):


	Three Months Ended				Six Months Ended
	July 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
Basic:
Net (loss) income	$	(98)	$	219	$	107	$	447
Weighted-average shares outstanding (1)	52,138,470		53,449,143		52,642,348		53,460,495
Basic (loss) earnings per share	$	(1.87)	$	4.10	$	2.04	$	8.36

Diluted:
Net (loss) income	$	(98)	$	219	$	107	$	447
Weighted-average shares outstanding (1)	52,138,470		53,449,143		52,642,348		53,460,495
Dilutive shares (2)	—		459,152		391,381		469,608
Diluted weighted-average shares outstanding	52,138,470		53,908,295		53,033,729		53,930,103
Diluted (loss) earnings per share	$	(1.87)	$	4.07	$	2.02	$	8.29

(1) In periods of a net loss, restricted stock and performance share awards, which are participating securities, are excluded from weighted-average shares outstanding.

(2) In periods of net loss, all unvested share-based awards were anti-dilutive and therefore excluded from diluted shares.

Anti-dilutive share-based compensation awards are excluded from diluted earnings per share calculations. There were 630,182 and 335,476 shares that were anti-dilutive for the three and six months ended July 2, 2022, respectively. No shares were anti-dilutive for the three and six months ended and July 3, 2021.