The following is the summary of basic and diluted EPS for the years ended September 30:
(In millions except per share data)
2018
2017
2016
Numerator
Net income
$
166
$
304
$
273
Denominator
Weighted average shares common shares outstanding (a)
197
204
170
Effect of potentially dilutive securities (b)
—
—
—
Weighted average diluted shares outstanding
197
204
170
Earnings per share
Basic
$
0.84
$
1.49
$
1.60
Diluted
$
0.84
$
1.49
$
1.60
(a)
The weighted average common shares outstanding for the year ended September 30, 2016 is based on the 170 million shares issued to Ashland in the Contribution.
(b)
During the year ended September 30, 2017, share-based awards that were previously denominated in Ashland common stock were converted to Valvoline common stock at the Distribution. As presented in the table, there was not a significant dilutive impact in the years ended September 30, 2018 and 2017 from potential common shares.