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EARNINGS PER SHARE | 3 Months Ended
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Mar. 27, 2021
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | NOTE 7. EARNINGS PER SHARE As disclosed in Note 1, a 1-for-10 reverse stock split of the Company’s outstanding shares of common stock and a reduction in the number of authorized shares of the Company’s common stock by a corresponding ratio became effective on June 30, 2020. All share and per share amounts have been retroactively adjusted for the prior period presented to give effect to this reverse stock split. The following table represents the calculation of earnings per common share – basic and diluted:
|  | First Quarter |
(In millions, except per share amounts) |  | 2021 |  |  | 2020 |
Basic Earnings Per Share |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Net income |  | $ | 53 |  |  | $ | 45 |
Denominator: |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 53 |  |  |  | 53 |
Basic earnings per share |  | $ | 0.99 |  |  | $ | 0.86 |
Diluted Earnings Per Share |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Net income |  | $ | 53 |  |  | $ | 45 |
Denominator: |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 53 |  |  |  | 53 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Stock options and restricted stock |  |  | 3 |  |  |  | 1 |
Diluted weighted-average shares outstanding |  |  | 56 |  |  |  | 54 |
Diluted earnings per share |  | $ | 0.95 |  |  | $ | 0.84 |
Awards of stock options and nonvested shares representing additional shares of outstanding common stock were less than 1 million in the first quarters of 2021 and 2020, but were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 + Details
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