Basic earnings per share is based on the average number of common stock outstanding during the period. Diluted earnings per share is based on the average number of shares used for the basic earnings per share calculation, adjusted for the dilutive effect of share options, RSE, and PRSE awards.
The following is the reconciliation between the number of weighted-average shares used in the basic and diluted earnings per share calculation:
Fiscal Year
 202520242023
Basic weighted-average shares outstanding47.5 49.7 51.2 
Effect of dilutive securities:
Options, RSE and PRSE awards
0.1 0.4 0.6 
Total dilutive securities0.1 0.4 0.6 
Diluted weighted-average shares outstanding47.6 50.1 51.8 
The following weighted-average common stock were excluded from the calculation of diluted net earnings per share because the effect of including these awards was antidilutive.
Fiscal Year
202520242023
Options, RSE and PRSE awards1.6 1.3 1.2 

Historical Timeline

Fiscal YearFiled
2025Nov 18, 2025Showing above
2024Nov 14, 2024
2023Nov 28, 2023
2022Nov 16, 2022
2021Nov 19, 2021
2020Nov 20, 2020
2019Nov 26, 2019
2018Nov 19, 2018
2015Nov 30, 2015

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.