Earnings (loss) Per Share

9 Months Ended

Sep. 28, 2024

Basic net earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of diluted common shares outstanding. Diluted 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 (loss) per share (in millions, except share data):


	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Basic:
Net income (loss)	$	137	$	(15)	$	365	$	279
Weighted-average shares outstanding (1)	51,567,216		51,336,645		51,480,812		51,380,876
Basic earnings (loss) per share	$	2.65	$	(0.28)	$	7.09	$	5.44

Diluted:
Net income (loss)	$	137	$	(15)	$	365	$	279
Weighted-average shares outstanding (1)	51,567,216		51,336,645		51,480,812		51,380,876
Dilutive shares (2)	350,839		—		364,760		336,855
Diluted weighted-average shares outstanding	51,918,055		51,336,645		51,845,572		51,717,731
Diluted earnings (loss) per share	$	2.64	$	(0.28)	$	7.04	$	5.40

(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 a net loss, all unvested share-based awards are anti-dilutive and therefore excluded from diluted shares.

Anti-dilutive share-based compensation awards are excluded from diluted earnings (loss) per share calculations. There were 1,621 and 61,240 shares that were anti-dilutive for the three and nine months ended September 28, 2024, respectively. There were 446,331 and 250,025 shares that were anti-dilutive for the three and nine months ended September 30, 2023, respectively.