Net Earnings Per Common Share

3 Months Ended

Mar. 28, 2025

NET EARNINGS PER COMMON SHARE

Basic net earnings per common share (“EPS”) is calculated by taking net earnings divided by the weighted average number of common shares outstanding for the applicable period. Diluted net EPS is computed by taking net earnings increased by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued and reduced by the number of shares the Company could have repurchased with the proceeds from the issuance of the potentially dilutive shares. For the three-month periods ended March 28, 2025 and March 29, 2024, approximately 5.3 million and 442 thousand options, respectively, to purchase shares were excluded from the diluted EPS calculation, as the impact of their inclusion would have been anti-dilutive.

Information related to the calculation of net earnings per common share is summarized as follows ($ and shares in millions, except per share amounts):


	Three-Month Period Ended
	March 28, 2025		March 29, 2024
Numerator:
Net earnings	$	954	$	1,088






Denominator:
Weighted average common shares outstanding used in Basic EPS	716.3		740.6
Incremental common shares from:
Assumed exercise of dilutive options and vesting of dilutive restricted stock units (“RSUs”) and performance stock units (“PSUs”)	4.5		8.0


Weighted average common shares outstanding used in Diluted EPS	720.8		748.6

Basic EPS	$	1.33	$	1.47
Diluted EPS	$	1.32	$	1.45