Basic and Diluted Earnings Per Share

9 Months Ended

Jul. 01, 2023

Basic and Diluted Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

12.  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				Three Quarterly Periods Ended
(in millions, except per share amounts)	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Numerator
Consolidated net income	$	143	$	207	$	423	$	533
Denominator
Weighted average common shares outstanding - basic		118.7		128.6		121.0		132.6
Dilutive shares		2.4		2.1		0.9		3.0
Weighted average common and common equivalent shares outstanding - diluted		121.1		130.7		121.9		135.6
Per common share earnings
Basic	$	1.20	$	1.61	$	3.50	$	4.02
Diluted	$	1.18	$	1.58	$	3.47	$	3.93

1.2 million and 1.5 million shares were excluded from the diluted EPS calculation for the quarterly and three quarterly periods ended July 1, 2023 as their effect would be anti-dilutive.  1.2 million shares were excluded for the quarterly and three quarterly periods ended July 2, 2022.