Earnings Per Share

3 Months Ended

Jan. 01, 2021

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


	Three Months Ended
	January 1, 2021		December 27, 2019
Net income	$	509.3	$	257.1

Weighted average shares outstanding – basic	165.4		170.2
Dilutive effect of equity-based awards	1.6		1.4
Weighted average shares outstanding – diluted	167.0		171.6

Net income per share – basic	$	3.08	$	1.51
Net income per share – diluted	$	3.05	$	1.50

Anti-dilutive common stock equivalents	—		0.5

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 months ended January 1, 2021, and December 27, 2019, using the treasury stock method. Shares issuable upon the vesting of performance stock awards are likewise included in the calculation of diluted earnings per share as of the date the condition(s) have been satisfied. 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.