Earnings Per Share

9 Months Ended

Jul. 01, 2022

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
	July 1, 2022		July 2, 2021		July 1, 2022		July 2, 2021
Net income	$	267.3	$	337.8	$	973.0	$	1,172.0

Weighted average shares outstanding – basic	160.9		165.1		163.3		165.2
Dilutive effect of equity-based awards	0.6		1.9		0.8		1.7
Weighted average shares outstanding – diluted	161.5		167.0		164.1		166.9

Net income per share – basic	$	1.66	$	2.05	$	5.96	$	7.10
Net income per share – diluted	$	1.66	$	2.02	$	5.93	$	7.02

Anti-dilutive common stock equivalents	1.3		—		0.8		—

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 July 1, 2022, and July 2, 2021, 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.