Earnings Per Common Share (Tables)

6 Months Ended

Jun. 29, 2024

Schedule of Computation of Basic and Diluted Earnings Per 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

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	—	—	—