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Earnings Per Common Share | 6 Months Ended
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Jun. 29, 2024
Earnings Per Share [Abstract] |
Earnings Per Common Share | Earnings Per Common Share The reconciliation of the numerator and denominator used for the computation of basic and diluted earnings per common share follows:
| Three Months Ended |  | Six Months Ended
(in millions, except per share data) | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Numerator for basic and diluted earnings per common share: |  |  |  |  |  |  |
Net income | $ | 30 |  |  | $ | 50 |  |  | $ | 73 |  |  | $ | 107 |
Less: preferred stock dividends | 2 |  |  | — |  |  | 2 |  |  | — |
Net income available to common stockholders | $ | 28 |  |  | $ | 50 |  |  | $ | 71 |  |  | $ | 107 |
Denominator for basic and diluted earnings per common share: |  |  |  |  |  |  |
Weighted average basic number of common shares outstanding | 146 |  |  | 147 |  |  | 146 |  |  | 147 |
Plus: dilutive effect of common stock equivalents | 3 |  |  | 2 |  |  | 2 |  |  | 2 |
Weighted average diluted number of common shares outstanding | 149 |  |  | 149 |  |  | 148 |  |  | 149 |
Earnings per common share: |  |  |  |  |  |  |
Basic | $ | 0.19 |  |  | $ | 0.34 |  |  | $ | 0.49 |  |  | $ | 0.73 |
Diluted | $ | 0.19 |  |  | $ | 0.34 |  |  | $ | 0.48 |  |  | $ | 0.72 |
Diluted earnings per common share is computed based upon the weighted average number of common shares outstanding for the period plus the dilutive effect of common stock equivalents using the if-converted and treasury stock method with the average market price of our common stock for the period. The following potentially dilutive instruments, presented as a weighted average of the instruments outstanding, were excluded from the calculation of diluted net income per common share because their effect would have been antidilutive, and in the case of certain PSUs, the contingency has not been satisfied.
| Three Months Ended |  | Six Months Ended
(in millions) | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
RSUs and other rights | 0.7 |  |  | 2.1 |  |  | 0.7 |  |  | 1.7 |
PSUs | 0.9 |  |  | 0.9 |  |  | 1.1 |  |  | 0.8 |
Preferred stock | 0.1 |  | — |  |  | — |  |  | — |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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