Basic and Diluted Earnings Per Share

6 Months Ended

Mar. 30, 2024

Basic and Diluted Earnings Per Share [Abstract]

11. Basic and Diluted Earnings Per Share

Basic net income or earnings per share ("EPS") is calculated by dividing the net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents.

Diluted EPS includes the effects of options and restricted stock units, if dilutive.

The following tables provide a reconciliation of the numerator and denominator of the basic and diluted EPS calculations:

	Quarterly Period Ended				Two Quarterly Periods Ended
(in millions, except per share amounts)	March 30, 2024		April 1, 2023		March 30, 2024		April 1, 2023
Numerator
Consolidated net income	$	116	$	174	$	175	$	280
Denominator
Weighted average common shares outstanding - basic		115.6		120.7		115.6		122.2
Dilutive shares		2.6		1.8		2.9		1.1
Weighted average common and common equivalent shares outstanding - diluted		118.2		122.5		118.5		123.3

Per common share earnings
Basic	$	1.00	$	1.44	$	1.51	$	2.29
Diluted	$	0.98	$	1.42	$	1.48	$	2.27

2.2 million and 2.3 million shares were excluded from the diluted EPS calculation for the quarterly and two quarterly periods ended March 30, 2024 as their effect would be anti-dilutive. 1.2 million and 2.6 million shares were excluded for the quarterly and two quarterly periods ended April 1, 2023.