EARNINGS PER SHARE

6 Months Ended

Nov. 28, 2021

2. EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per common share for the periods presented:


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	November 28,		November 29,		November 28,		November 29,
(in millions, except per share amounts)	2021		2020		2021		2020
Numerator:
Net income	$	32.5	$	96.9	$	62.3	$	186.2

Denominator:
Basic weighted average common shares outstanding		146.0		146.5		146.1		146.4
Add: Dilutive effect of employee incentive plans (a)		0.3		0.6		0.5		0.7
Diluted weighted average common shares outstanding		146.3		147.1		146.6		147.1

Earnings per share:
Basic	$	0.23	$	0.66	$	0.43	$	1.27
Diluted	$	0.22	$	0.66	$	0.42	$	1.27

(a)

Potentially dilutive shares of common stock from employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options and the assumed vesting of outstanding restricted stock units and performance awards. As of November 28, 2021, 0.3 million shares of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive. As of November 29, 2020, an insignificant number of stock-based awards were excluded from the computation of diluted earnings per share because they would be antidilutive.