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EARNINGS PER SHARE | 3 Months Ended
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Apr. 01, 2023
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | NOTE 6. EARNINGS PER SHARE The following table represents the calculation of earnings per common share – basic and diluted:
|  | First Quarter |
(In millions, except per share amounts) |  | 2023 |  |  | 2022 |
Basic Earnings Per Share |  |  |  |  |  |
Numerator: |  |  |  |  |  |
Net income from continuing operations |  | $ | 72 |  |  | $ | 55 |
Income from discontinued operations, net of tax |  |  | — |  |  |  | — |
Net income |  | $ | 72 |  |  | $ | 55 |
Denominator: |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 40 |  |  |  | 49 |
Basic earnings per share |  |  |  |  |  |
Continuing operations |  | $ | 1.79 |  |  | $ | 1.14 |
Discontinued operations |  |  | — |  |  |  | — |
Net basic earnings per share |  | $ | 1.79 |  |  | $ | 1.14 |
Diluted Earnings Per Share |  |  |  |  |  |
Numerator: |  |  |  |  |  |
Net income from continuing operations |  | $ | 72 |  |  | $ | 55 |
Income from discontinued operations, net of tax |  |  | — |  |  |  | — |
Net income |  | $ | 72 |  |  | $ | 55 |
Denominator: |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 40 |  |  |  | 49 |
Effect of dilutive securities: |  |  |  |  |  |
Stock options and restricted stock |  |  | 2 |  |  |  | 2 |
Diluted weighted-average shares outstanding |  |  | 42 |  |  |  | 51 |
Diluted earnings per share |  |  |  |  |  |
Continuing operations |  | $ | 1.71 |  |  | $ | 1.09 |
Discontinued operations |  |  | — |  |  |  | — |
Net diluted earnings per share |  | $ | 1.71 |  |  | $ | 1.09 |
Awards of stock options and nonvested shares representing additional shares of outstanding common stock were less than 1 million in the first quarter of 2023 and the first quarter of 2022, 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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