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EARNINGS PER SHARE | 6 Months Ended
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Jul. 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:
|  | Second Quarter |  |  | First Half |
(In millions, except per share amounts) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Basic Earnings Per Share |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 34 |  |  | $ | 20 |  |  | $ | 107 |  |  | $ | 75 |
Income from discontinued operations, net of tax |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | 7 |
Net income |  | $ | 34 |  |  | $ | 27 |  |  | $ | 107 |  |  | $ | 82 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 38 |  |  |  | 49 |  |  |  | 40 |  |  |  | 49 |
Basic earnings per share |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.89 |  |  | $ | 0.40 |  |  | $ | 2.70 |  |  | $ | 1.54 |
Discontinued operations |  |  | — |  |  |  | 0.15 |  |  |  | — |  |  |  | 0.14 |
Net basic earnings per share |  | $ | 0.89 |  |  | $ | 0.55 |  |  | $ | 2.70 |  |  | $ | 1.68 |
Diluted Earnings Per Share |  |  |  |  |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 34 |  |  | $ | 20 |  |  | $ | 107 |  |  | $ | 75 |
Income from discontinued operations, net of tax |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | 7 |
Net income |  | $ | 34 |  |  | $ | 27 |  |  | $ | 107 |  |  | $ | 82 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  |  | 38 |  |  |  | 49 |  |  |  | 40 |  |  |  | 49 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Stock options and restricted stock |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Diluted weighted-average shares outstanding |  |  | 39 |  |  |  | 50 |  |  |  | 41 |  |  |  | 50 |
Diluted earnings per share |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 0.87 |  |  | $ | 0.39 |  |  | $ | 2.61 |  |  | $ | 1.49 |
Discontinued operations |  |  | — |  |  |  | 0.15 |  |  |  | — |  |  |  | 0.14 |
Net diluted earnings per share |  | $ | 0.87 |  |  | $ | 0.54 |  |  | $ | 2.61 |  |  | $ | 1.63 |
Awards of stock options and nonvested shares representing additional shares of outstanding common stock were 1 million and less than 1 million in the second quarter and first half of 2023, respectively, and less than 1 million in both the second quarter and first half 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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