Net Income Per Share

Basic net income per share was calculated by dividing net income by the weighted average number of outstanding common shares for the period. Diluted net income per share was calculated consistent with basic net income per share including the effect of dilutive unissued common shares related to the Company's stock-based employee compensation program. The effect of stock options and restricted stock on net income per share-diluted is determined through the application of the treasury stock method, whereby net proceeds received by the Company based on assumed exercises are hypothetically used to repurchase the Company's common stock at the average market price during the period.

For periods prior to the Separation, the weighted average common shares outstanding as of June 28, 2019, the Separation Date, was assumed to be outstanding as of the beginning of each period presented prior to the Separation in the calculation of basic weighted average shares. In addition, for the dilutive weighted average shares calculations, the dilutive securities as of June 28, 2019 were assumed to be outstanding at each of the periods presented prior to the Separation.

The following table summarizes the components of basic and diluted net income per share (in millions except per share amounts):



	Fiscal Years Ended
	December 29, 2019		December 30, 2018		December 31, 2017
Net income	$	193.2	$	183.7	$	161.4

Weighted average common shares outstanding:
Basic	133.4		133.4		133.4
Effect of dilutive stock options and restricted stock awards	1.0		0.7		0.7
Diluted	134.4		134.1		134.1

Net income per share:
Basic	$	1.45	$	1.38	$	1.21
Diluted	$	1.44	$	1.37	$	1.20

The weighted number of shares outstanding used in the calculation of diluted earnings per share does not included the effect of the following anti-dilutive securities:



	Fiscal Years Ended
	December 29, 2019	December 30, 2018	December 31, 2017
Stock-based awards	0.2	0.8	0.8