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Earnings Per Common Share
6 Months Ended
Dec. 28, 2019
Earnings Per Share [Abstract]  
Earnings Per Common Share

12.

Earnings Per Common Share

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is calculated using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. In computing diluted earnings per common share, the average closing stock price for the period is used in determining the number of shares assumed to be purchased with the assumed proceeds under the treasury stock method. The dilutive effect of potential common shares includes the impact of the equity forward the Company entered into in the second quarter of fiscal 2020 since the average closing price of the Company’s common stock for the period was higher than the applicable forward sale price. Potential common shares of 0.1 million and 0.1 million for the three and six months ended December 28, 2019, respectively, and 0.5 million and 0.6 million for the three and six months ended December 29, 2018, respectively, were not included in computing diluted earnings per common share because the effect would have been antidilutive.

A reconciliation of the numerators and denominators for the basic and diluted earnings per common share computations is as follows:

 

(In millions, except per share amounts)

 

Three months ended

December 28, 2019

 

 

Three months ended

December 29, 2018

 

 

Six months ended

December 28, 2019

 

 

Six months ended December 29, 2018

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

41.2

 

 

$

43.1

 

 

$

77.3

 

 

$

71.3

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

104.3

 

 

 

103.9

 

 

 

104.2

 

 

 

103.7

 

Dilutive effect of potential common shares

 

 

2.1

 

 

 

1.0

 

 

 

2.0

 

 

 

1.3

 

Weighted-average dilutive shares outstanding

 

 

106.4

 

 

 

104.9

 

 

 

106.2

 

 

 

105.0

 

Basic earnings per common share

 

$

0.39

 

 

$

0.41

 

 

$

0.74

 

 

$

0.69

 

Diluted earnings per common share

 

$

0.39

 

 

$

0.41

 

 

$

0.73

 

 

$

0.68