13.     EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts):
Fiscal Years Ended
October 3, 2025September 27, 2024September 29, 2023
Net income$477.1 $596.0 $982.8 
Weighted average shares outstanding – basic154.4 160.1 159.4 
Dilutive effect of equity-based awards0.7 1.4 0.9 
Weighted average shares outstanding – diluted155.1 161.5 160.3 
Net income per share – basic$3.09 $3.72 $6.17 
Net income per share – diluted$3.08 $3.69 $6.13 
Anti-dilutive common stock equivalents0.1 — 0.1 

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 fiscal 2025, fiscal 2024, and fiscal 2023, 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.

Historical Timeline

Fiscal YearFiled
2025Nov 7, 2025Showing above
2024Nov 15, 2024
2023Nov 17, 2023
2022Nov 23, 2022
2021Nov 24, 2021
2020Nov 17, 2020
2019Nov 14, 2019
2018Nov 15, 2018
2017Nov 13, 2017
2016Nov 22, 2016
2015Nov 24, 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.