Does section 654, subdivision (a) of the California Criminal Code allow for multiple convictions arising out of a single act or omission?

Section 654, subdivision (a), provides in relevant part: "An act or omission that is punishable in different ways by different provisions of law shall be punished under the provision that provides for the longest potential term of imprisonment, but in no case shall the act or omission be punished under more than one provision." Our Supreme Court has long " 'interpreted section 654 to allow multiple convictions arising out of a single act or omission, but to bar multiple punishment for those convictions. [Citations.] . . . [E]xecution of the sentence for one of the offenses must be stayed.' [Citations.]" (People v. Mesa (2012) 54 Cal.4th 191, 195)