EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 25, 2021

NOTE 7. EARNINGS (LOSS) 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 periods presented to give effect to this reverse stock split. The following table presents the calculation of net earnings (loss) per common share — basic and diluted:

(In millions, except per share amounts)	2021			2020			2019
Basic Earnings (Loss) Per Share
Numerator:
Net income (loss) from continuing operations	$	187		$	(63	)	$	127
Loss from discontinued operations, net of tax		(395	)		(256	)		(28	)
Net income (loss)	$	(208	)	$	(319	)	$	99
Denominator:
Weighted-average shares outstanding		53			53			54
Basic earnings (loss) per share:
Continuing operations	$	3.54		$	(1.20	)	$	2.32
Discontinued operations		(7.47	)		(4.85	)		(0.50	)
Net basic earnings (loss) per share	$	(3.93	)	$	(6.05	)	$	1.82
Diluted Earnings (Loss) Per Share
Numerator:
Net income (loss) from continuing operations	$	187		$	(63	)	$	127
Loss from discontinued operations, net of tax		(395	)		(256	)		(28	)
Net income (loss)	$	(208	)	$	(319	)	$	99
Denominator:
Weighted-average shares outstanding		53			53			54
Effect of dilutive securities:
Stock options and restricted stock		2			—			1
Diluted weighted-average shares outstanding		55			53			55
Diluted earnings (loss) per share
Continuing operations	$	3.42		$	(1.20	)	$	2.29
Discontinued operations		(7.21	)		(4.85	)		(0.50	)
Net diluted earnings (loss) per share	$	(3.79	)	$	(6.05	)	$	1.79

Awards of stock options and nonvested shares representing additional shares of outstanding common stock were less than 1 million, 2 million and 1 million for the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019, respectively, but were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive.