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Earnings Per Share | 3 Months Ended
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Mar. 29, 2024
Earnings Per Share [Abstract] |
Earnings Per Share | NOTE 11. EARNINGS PER SHARE Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted-average number of shares of common stock outstanding during the period plus additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. Potentially dilutive shares of common stock include outstanding stock options, restricted stock units, contingently issuable shares, and shares to be purchased under our employee stock purchase plan. The following table shows the computation of basic and diluted earnings per share:
| First Quarter of |  |
| 2024 |  | 2023 |  |  |  |
(In millions, except per share amounts) |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income | $ | 57.2 |  |  | $ | 128.8 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Weighted-average shares of common stock outstanding - basic | 245.5 |  |  | 247.2 |  |  |  |  |
Effect of dilutive securities | 1.9 |  |  | 1.5 |  |  |  |  |
Weighted-average shares of common stock outstanding - diluted | 247.4 |  |  | 248.7 |  |  |  |  |
Basic earnings per share | $ | 0.23 |  |  | $ | 0.52 |  |  |  |  |
Diluted earnings per share | $ | 0.23 |  |  | $ | 0.52 |  |  |  |  |
Antidilutive weighted-average shares (1) | 0.8 |  |  | 1.6 |  |  |  |  |
(1) Antidilutive stock-based awards are excluded from the calculation of diluted shares and diluted earnings per share because their impact would increase diluted earnings per share.

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