Earnings Per Share

9 Months Ended

Jun. 26, 2020

The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts):


	Three Months Ended						Nine Months Ended
	June 26, 2020		June 28, 2019		June 26, 2020		June 28, 2019
Net income	$	129.7	$	144.1	$	567.9	$	643.0

Weighted average shares outstanding – basic	167.0		172.6		169.1		174.3
Dilutive effect of equity-based awards	1.3		0.8		1.2		0.9
Weighted average shares outstanding – diluted	168.3		173.4		170.3		175.2

Net income per share – basic	$	0.78	$	0.83	$	3.36	$	3.69
Net income per share – diluted	$	0.77	$	0.83	$	3.33	$	3.67

Anti-dilutive common stock equivalents	—		1.0		0.2		1.5

Basic earnings per share are calculated by dividing net income by the weighted average number of shares of the Company’s common stock outstanding during the period. The calculation of diluted earnings per share includes the dilutive effect of equity-based awards that were outstanding during the three and nine months ended June 26, 2020, and June 28, 2019, using the treasury stock method. Certain of the Company’s outstanding share-based awards, noted in the table above, were excluded because they were anti-dilutive, but they could become dilutive in the future.