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Basic and Diluted Earnings Per Share
 9 Months Ended
Jun. 29, 2024
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)
  
June 29, 2024
    
July 1, 2023
    
June 29, 2024
    
July 1, 2023
  
Numerator
                        
Consolidated net income
  
$
193
    
$
143
    
$
368
    
$
423
  
Denominator
                                
Weighted average common shares outstanding - basic
    
114.5
      
118.7
      
115.2
      
121.0
  
Dilutive shares
    
2.2
      
2.4
      
3.0
      
0.9
  
Weighted average common and common equivalent shares outstanding - diluted
    
116.7
      
121.1
      
118.2
      
121.9
  
                                 
Per common share earnings
                                
Basic
  
$
1.69
    
$
1.20
    
$
3.19
    
$
3.50
  
Diluted
  
$
1.65
    
$
1.18
    
$
3.11
    
$
3.47
  

2.2 million and 2.3 million shares were excluded from the diluted EPS calculation for the quarterly and three quarterly periods ended June 29, 2024 as their effect would be anti-dilutive.  1.2 million and 1.5 million shares were excluded for the quarterly and three quarterly periods ended July 1, 2023.