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EARNINGS PER SHARE | 3 Months Ended
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Mar. 26, 2022
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | NOTE 6. EARNINGS PER SHARE The following table represents the calculation of earnings (loss) per common share – basic and diluted:
|  | First Quarter |
(In millions, except per share amounts) |  | 2022 |  |  | 2021 |
Basic Earnings (Loss) Per Share |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 55 |  |  | $ | 63 |
Loss from discontinued operations, net of tax |  |  | — |  |  |  | (10 | )
Net income |  | $ | 55 |  |  | $ | 53 |
Denominator: |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 49 |  |  |  | 53 |
Basic earnings (loss) per share: |  |  |  |  |  |  |  |
Continuing operations |  | $ | 1.14 |  |  | $ | 1.17 |
Discontinued operations |  |  | — |  |  |  | (0.18 | )
Net basic earnings per share |  | $ | 1.14 |  |  | $ | 0.99 |
Diluted Earnings (Loss) Per Share |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 55 |  |  | $ | 63 |
Loss from discontinued operations, net of tax |  |  | — |  |  |  | (10 | )
Net income |  | $ | 55 |  |  | $ | 53 |
Denominator: |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 49 |  |  |  | 53 |
Effect of dilutive securities: |  |  |  |  |  |  |  |
Stock options and restricted stock |  |  | 2 |  |  |  | 3 |
Diluted weighted-average shares outstanding |  |  | 51 |  |  |  | 56 |
Diluted earnings (loss) per share: |  |  |  |  |  |  |  |
Continuing operations |  | $ | 1.09 |  |  | $ | 1.12 |
Discontinued operations |  |  | — |  |  |  | (0.17 | )
Net diluted earnings per share |  | $ | 1.09 |  |  | $ | 0.95 |
Awards of stock options and nonvested shares representing additional shares of outstanding common stock less than 1 million in the first quarter of 2022 and less than 1 million in the first quarter of 2021 were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive.

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