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EARNINGS PER SHARE | 9 Months Ended
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Sep. 24, 2022
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | NOTE 5. EARNINGS 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) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Basic Earnings (Loss) Per Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 67 |  |  | $ | 73 |  |  | $ | 142 |  |  | $ | 155 |
Income (loss) from discontinued operations, net of tax |  |  | — |  |  |  | 28 |  |  |  | 7 |  |  |  | (89 | )
Net income |  | $ | 67 |  |  | $ | 101 |  |  | $ | 149 |  |  | $ | 66 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 48 |  |  |  | 53 |  |  |  | 49 |  |  |  | 54 |
Basic earnings (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 1.39 |  |  | $ | 1.38 |  |  | $ | 2.92 |  |  | $ | 2.89 |
Discontinued operations |  |  | (0.01 | ) |  |  | 0.54 |  |  |  | 0.14 |  |  |  | (1.65 | )
Net basic earnings per share |  | $ | 1.38 |  |  | $ | 1.92 |  |  | $ | 3.06 |  |  | $ | 1.24 |
Diluted Earnings (Loss) Per Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 67 |  |  | $ | 73 |  |  | $ | 142 |  |  | $ | 155 |
Income (loss) from discontinued operations, net of tax |  |  | — |  |  |  | 28 |  |  |  | 7 |  |  |  | (89 | )
Net income |  | $ | 67 |  |  | $ | 101 |  |  | $ | 149 |  |  | $ | 66 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 48 |  |  |  | 53 |  |  |  | 49 |  |  |  | 54 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock options and restricted stock |  |  | 1 |  |  |  | 2 |  |  |  | 1 |  |  |  | 2 |
Diluted weighted-average shares outstanding |  |  | 49 |  |  |  | 55 |  |  |  | 50 |  |  |  | 56 |
Diluted earnings (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 1.36 |  |  | $ | 1.33 |  |  | $ | 2.84 |  |  | $ | 2.79 |
Discontinued operations |  |  | (0.01 | ) |  |  | 0.52 |  |  |  | 0.13 |  |  |  | (1.60 | )
Net diluted earnings per share |  | $ | 1.35 |  |  | $ | 1.85 |  |  | $ | 2.97 |  |  | $ | 1.19 |
Awards of stock options and nonvested shares representing additional shares of outstanding common stock were 1 million in the third quarter and less than 1 million year-to-date 2022, and less than 1 million in both the third quarter and year-to-date 2021, but they were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive.

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