Earnings Per Share (Tables)

9 Months Ended

Oct. 02, 2021

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted EPS

The following table sets forth the computation of basic and diluted EPS:

	13 Weeks Ended				39 Weeks Ended
	October 2, 2021		September 26, 2020		October 2, 2021		September 26, 2020
Numerator:
Net income (loss)	$	64	$	8	$	95	$	(216)
Less: Series A convertible preferred stock dividends (1)	(9)		(10)		(33)		(15)
Net income (loss) available to common shareholders	$	55	$	(2)	$	62	$	(231)
Denominator:
Weighted-average common shares outstanding—basic	222		220		222		220
Effect of dilutive share-based awards	3		—		3		—
Effect of dilutive underlying shares of the Series A      convertible preferred stock (2)	—		—		—		—
Weighted-average common shares outstanding—diluted	225		220		225		220
Net income (loss) per share
Basic	$	0.25	$	(0.01)	$	0.28	$	(1.05)
Diluted	$	0.24	$	(0.01)	$	0.28	$	(1.05)

(1)    Preferred stock dividends for the first quarter of 2021 were paid in kind on March 31, 2021. Preferred stock dividends for the second and third quarters of 2021 were paid in cash on June 30, 2021 and September 28, 2021, respectively. Preferred stock dividends for the second and third quarters of 2020 were paid in kind on June 30, 2020 and September 30, 2020, respectively.

(2)    The Company applies the if-converted method to calculate the dilution impact of the Series A convertible preferred stock, if dilutive in the period. Under the if-converted method, the Series A convertible preferred stock are converted to common shares for inclusion in the calculation of the weighted-average common shares outstanding—diluted. Once converted, there would be no preferred stock outstanding and therefore no preferred stock dividend.