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Earnings Per Share
 12 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE

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.