Earnings per Share (EPS) and Common Stock

3 Months Ended

Dec. 28, 2019

Earnings Per Share and Common Stock

Earnings per Share (EPS) and Common Stock

Earnings per Share (EPS) and Common Stock

EPS

Basic EPS is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted EPS is calculated by dividing net income by the weighted-average number of shares outstanding plus the dilutive effect, if any, of outstanding RSUs using the treasury stock method. The calculation of the dilutive effect of outstanding equity awards under the treasury stock method includes consideration of unrecognized compensation expense as additional proceeds.

	Three months ended
Calculation of Basic and Diluted EPS (in thousands, except per share data)	December 28, 2019		December 29, 2018
Net income	$	35,455	$	20,985
Weighted-average shares outstanding—Basic	115,190		118,323
Dilutive effect of restricted stock units	501		1,315
Weighted-average shares outstanding—Diluted	115,691		119,638
Earnings per share—Basic	$	0.31	$	0.18
Earnings per share—Diluted	$	0.31	$	0.18

There were 1.3 million anti-dilutive shares for the three months ended December 28, 2019 and no anti-dilutive shares for the three months ended December 29, 2018.

Common Stock Repurchases

Our Articles of Organization authorize us to issue up to 500 million shares of our common stock. Our Board of Directors has authorized us to repurchase up to $1,500 million of our common stock in the period October 1, 2017 through September 30, 2020. We did not repurchase any shares in the first quarter of 2020 or 2019. All shares of our common stock repurchased are automatically restored to the status of authorized and unissued.