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Earnings Per Share | 9 Months Ended
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Oct. 01, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | 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 share-based compensation awards were converted into common shares during the period. Earnings per share (in millions, except share data):
| Three Months Ended |  | Nine Months Ended
| October 1, 2022 |  | October 2, 2021 |  | October 1, 2022 |  | October 2, 2021
Basic: |  |  |  |  |  |  |
Net income | $ | 170 |  |  | $ | 199 |  |  | $ | 277 |  |  | $ | 646 |
Weighted-average shares outstanding | 51,834,236 |  |  | 53,418,055 |  |  | 52,387,838 |  |  | 53,449,239 |
Basic earnings per share | $ | 3.28 |  |  | $ | 3.72 |  |  | $ | 5.29 |  |  | $ | 12.08 |
Diluted: |  |  |  |  |  |  |
Net income | $ | 170 |  |  | $ | 199 |  |  | $ | 277 |  |  | $ | 646 |
Weighted-average shares outstanding | 51,834,236 |  |  | 53,418,055 |  |  | 52,387,838 |  |  | 53,449,239 |
Dilutive shares | 323,616 |  |  | 448,504 |  |  | 368,793 |  |  | 462,574 |
Diluted weighted-average shares outstanding | 52,157,852 |  |  | 53,866,559 |  |  | 52,756,631 |  |  | 53,911,813 |
Diluted earnings per share | $ | 3.26 |  |  | $ | 3.69 |  |  | $ | 5.25 |  |  | $ | 11.98 |
Anti-dilutive share-based compensation awards are excluded from diluted earnings per share calculations. There were 195,922 and 169,810 shares that were anti-dilutive for the three and nine months ended October 1, 2022, respectively. There were 25,355 and 8,391 shares that were anti-dilutive for the three and nine months ended October 2, 2021, respectively.

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