Earnings Per Share (Tables)

12 Months Ended

Dec. 30, 2023

Schedule of Computation of Basic and Diluted Earnings Per Share

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


	2023		2022		2021
Numerator:
Net income	$	506	$	265	$	164
Less: Series A Preferred Stock dividends (1)	(7)		(37)		(43)
Net income available to common shareholders	$	499	$	228	$	121
Denominator:
Weighted-average common shares outstanding	239		224		222
Effect of dilutive share-based awards	2		2		3
Effect of dilutive underlying shares of the Series A Preferred Stock (2)	9		—		—
Weighted-average dilutive shares outstanding	250		226		225
Net income per share:
Basic	$	2.09	$	1.02	$	0.55
Diluted	$	2.02	$	1.01	$	0.54

(1) As discussed in Note 14 Convertible Preferred Stock, Series A Preferred Stock dividends for the first quarter of 2021 were paid-in-kind in the form of shares of Series A Preferred Stock. Series A Preferred Stock dividends for the remaining quarters of fiscal year 2021, and all dividends paid in 2022 and 2023 were paid in cash.