(Loss) Earnings Per Share

9 Months Ended

Sep. 30, 2023

Basic net (loss) earnings per share is calculated by dividing net (loss) income by the weighted average number of common shares outstanding for the period. Diluted (loss) earnings per share is computed by dividing net (loss) income by the weighted average number of diluted common shares outstanding. Diluted common shares outstanding is computed using the Treasury Stock method and, in periods of income, reflects the additional shares that would be outstanding if dilutive share-based compensation awards were converted into common shares during the period.

(Loss) earnings per share (in millions, except share data):


	Three Months Ended				Nine Months Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Basic:
Net (loss) income	$	(15)	$	170	$	279	$	277
Weighted-average shares outstanding (1)	51,336,645		51,834,236		51,380,876		52,387,838
Basic (loss) earnings per share	$	(0.28)	$	3.28	$	5.44	$	5.29

Diluted:
Net (loss) income	$	(15)	$	170	$	279	$	277
Weighted-average shares outstanding (1)	51,336,645		51,834,236		51,380,876		52,387,838
Dilutive shares (2)	—		323,616		336,855		368,793
Diluted weighted-average shares outstanding	51,336,645		52,157,852		51,717,731		52,756,631
Diluted (loss) earnings per share	$	(0.28)	$	3.26	$	5.40	$	5.25

(1) In periods of a net loss, restricted stock and performance share awards, which are participating securities, are excluded from weighted-average shares outstanding.

(2) In periods of net loss, all unvested share-based awards were anti-dilutive and therefore excluded from diluted shares.

Anti-dilutive share-based compensation awards are excluded from diluted earnings per share calculations. There were 446,331 and 250,025 shares that were anti-dilutive for the three and nine months ended September 30, 2023, respectively. There were 195,922 and 169,810 shares that were anti-dilutive for the three and nine months ended October 1, 2022, respectively.