Earnings Per Share

6 Months Ended

Apr. 02, 2021

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


	Three Months Ended				Six Months Ended
	April 2, 2021		March 27, 2020		April 2, 2021		March 27, 2020
Net income	$	325.0	$	181.1	$	834.3	$	438.1

Weighted average shares outstanding – basic	165.0		170.0		165.2		170.1
Dilutive effect of equity-based awards	1.8		1.1		1.7		1.2
Weighted average shares outstanding – diluted	166.8		171.1		166.9		171.3

Net income per share – basic	$	1.97	$	1.07	$	5.05	$	2.58
Net income per share – diluted	$	1.95	$	1.06	$	5.00	$	2.56

Anti-dilutive common stock equivalents	—		0.5		—		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 six months ended April 2, 2021, and March 27, 2020, 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, assuming the end of the reporting period was the end of the contingency period. 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.