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EARNINGS (LOSS) PER SHARE
 9 Months Ended
Sep. 25, 2021
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 7. EARNINGS (LOSS) PER SHARE

The following table represents the calculation of earnings (loss) per common share – basic and diluted:

 

 

 

Third Quarter

 

 

Year-to-Date

 

(In millions, except per share amounts)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Basic Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

73

 

 

$

34

 

 

$

155

 

 

$

(94

)

Income (loss) from discontinued operations, net of tax

 

 

28

 

 

 

23

 

 

 

(89

)

 

 

(243

)

Net income (loss)

 

$

101

 

 

$

57

 

 

$

66

 

 

$

(337

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding

 

 

53

 

 

 

53

 

 

 

54

 

 

 

53

 

Basic earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.38

 

 

$

0.64

 

 

$

2.89

 

 

$

(1.78

)

Discontinued operations

 

 

0.54

 

 

 

0.43

 

 

 

(1.65

)

 

 

(4.62

)

Net earnings (loss) per share

 

$

1.92

 

 

$

1.07

 

 

$

1.24

 

 

$

(6.40

)

Diluted Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

$

73

 

 

$

34

 

 

$

155

 

 

$

(94

)

Income (loss) from discontinued operations, net of tax

 

 

28

 

 

 

23

 

 

 

(89

)

 

 

(243

)

Net income (loss)

 

$

101

 

 

$

57

 

 

$

66

 

 

$

(337

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding

 

 

53

 

 

 

53

 

 

 

54

 

 

 

53

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and restricted stock

 

 

2

 

 

 

1

 

 

 

2

 

 

 

—

 

Diluted weighted-average shares outstanding

 

 

55

 

 

 

54

 

 

 

56

 

 

 

53

 

Diluted earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.33

 

 

$

0.63

 

 

$

2.79

 

 

$

(1.78

)

Discontinued operations

 

 

0.52

 

 

 

0.41

 

 

 

(1.60

)

 

 

(4.62

)

Net diluted earnings (loss) per share

 

$

1.85

 

 

$

1.04

 

 

$

1.19

 

 

$

(6.40

)

 

Awards of stock options and nonvested shares representing additional shares of outstanding common stock were less than 1 million in both the third quarter and year-to-date 2021, and less than 1 million in the third quarter of 2020 and 2 million year-to-date 2020, but were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive.