Earnings Per Share (Tables)

3 Months Ended

Apr. 02, 2022

Schedule of Computation of Basic and Diluted EPS

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


	13 Weeks Ended
		April 2, 2022		April 3, 2021
Numerator:
Net loss		$	(7)	$	(24)
Less: Series A Preferred Stock Dividends (1)		(9)		(15)
Net loss available to common shareholders		$	(16)	$	(39)
Denominator:
Weighted-average common shares outstanding—basic		223		221
Effect of dilutive share-based awards		—		—
Effect of dilutive underlying shares of the Series A Preferred Stock (2)		—		—
Weighted-average common shares outstanding—diluted		223		221
Net loss per share
Basic		$	(0.07)	$	(0.18)
Diluted		$	(0.07)	$	(0.18)

(1) Series A Preferred Stock dividends for the first quarter of 2021 were paid in kind on March 31, 2021 in the form of shares of Series A Preferred Stock. Series A Preferred Stock dividends for the first quarter of 2022 were paid in cash on March 31, 2022.

(2) Under the if-converted method, outstanding shares of the Series A 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 Series A Preferred Stock dividend.