Earnings Per Share

6 Months Ended

Mar. 29, 2014

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data):

	Three Months Ended					Six Months Ended
	March 29, 2014			March 30, 2013		March 29, 2014			March 30, 2013
Numerator:
Income from continuing operations	$	210		$	168	$	462		$	340
Less: Net income (loss) attributable to noncontrolling interests	(3		)	11		(5		)	6
Net income from continuing operations attributable to Tyson	213			157		467			334
Less dividends declared:
Class A	20			14		48			60
Class B	5			3		11			13
Undistributed earnings	$	188		$	140	$	408		$	261
Class A undistributed earnings	$	153		$	114	$	332		$	213
Class B undistributed earnings	35			26		76			48
Total undistributed earnings	$	188		$	140	$	408		$	261
Denominator:
Denominator for basic earnings per share:
Class A weighted average shares	273			283		272			284
Class B weighted average shares, and shares under the if-converted method for diluted earnings per share	70			70		70			70
Effect of dilutive securities:
Stock options and restricted stock	6			5		5			5
Convertible 2013 Notes	—			8		—			5
Warrants	7			—		8			—
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions	356			366		355			364
Net Income Per Share from Continuing Operations Attributable to Tyson:
Class A Basic	$	0.64		$	0.45	$	1.40		$	0.96
Class B Basic	$	0.58		$	0.40	$	1.26		$	0.86
Diluted	$	0.60		$	0.43	$	1.32		$	0.92
Net Income Per Share Attributable to Tyson:
Class A Basic	$	0.64		$	0.27	$	1.40		$	0.77
Class B Basic	$	0.58		$	0.25	$	1.26		$	0.70
Diluted	$	0.60		$	0.26	$	1.32		$	0.74

Approximately 4 million of our stock-based compensation shares were antidilutive for both the three and six months ended March 29, 2014. Approximately 4 million and 7 million shares were antidilutive for the three and six months ended March 30, 2013, respectively. These shares were not included in the dilutive earnings per share calculation.

We have two classes of capital stock, Class A stock and Class B stock. Cash dividends cannot be paid to holders of Class B stock unless they are simultaneously paid to holders of Class A stock. The per share amount of cash dividends paid to holders of Class B stock cannot exceed 90% of the cash dividends paid to holders of Class A stock.

We allocate undistributed earnings based upon a 1 to 0.9 ratio per share to Class A stock and Class B stock, respectively. We allocate undistributed earnings based on this ratio due to historical dividend patterns, voting control of Class B shareholders and contractual limitations of dividends to Class B stock.