Basic and Diluted Net Earnings Per Share

3 Months Ended

Jan. 01, 2022

Basic and Diluted Net Earnings Per Share [Abstract]

Basic and Diluted Net Earnings Per Share

11.  Basic and Diluted Earnings Per Share

Basic net income or earnings per share ("EPS") is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents.  Diluted EPS includes the effects of options and restricted stock units, if dilutive.

The following tables provide a reconciliation of the numerator and denominator of the basic and diluted EPS calculations:

	Quarterly Period Ended
(in millions, except per share amounts)	January 1, 2022		January 2, 2021
Numerator
Consolidated net income	$	121	$	130
Denominator
Weighted average common shares outstanding - basic		135.4		133.6
Dilutive shares		3.5		2.1
Weighted average common and common equivalent shares outstanding - diluted		138.9		135.7
Per common share earnings
Basic	$	0.89	$	0.97
Diluted	$	0.87	$	0.96

For the three months ended January 1, 2022 and January 2, 2021, 0.9 million and 3.2 million shares, respectively, were excluded from the diluted EPS calculation as their effect would be anti-dilutive.