Earnings Per Share

12 Months Ended

Sep. 30, 2020

EARNINGS PER SHARE

The table below details the computation of basic and diluted earnings per share ("EPS"):


Year Ended 30 September	2020	2019	2018
Numerator
Net income from continuing operations	$1,901.0	$1,760.0	$1,455.6
Net (loss) income from discontinued operations	(14.3)	—	42.2
Net Income Attributable to Air Products	$1,886.7	$1,760.0	$1,497.8

Denominator (in millions)
Weighted average common shares — Basic	221.2	220.3	219.3
Effect of dilutive securities
Employee stock option and other award plans	1.1	1.3	1.5
Weighted average common shares — Diluted	222.3	221.6	220.8

Per Share Data*
Basic EPS from continuing operations	$8.59	$7.99	$6.64
Basic EPS from discontinued operations	(0.06)	—	0.19
Basic EPS Attributable to Air Products	$8.53	$7.99	$6.83
Diluted EPS from continuing operations	$8.55	$7.94	$6.59
Diluted EPS from discontinued operations	(0.06)	—	0.19
Diluted EPS Attributable to Air Products	$8.49	$7.94	$6.78

*EPS is calculated independently for each component and may not sum to total EPS due to rounding.

Diluted EPS attributable to Air Products reflects the potential dilution that could occur if stock options or other share-based awards were exercised or converted into common stock. The dilutive effect is computed using the treasury stock method, which assumes all share-based awards are exercised, and the hypothetical proceeds from exercise are used by the Company to purchase common stock at the average market price during the period. To the extent they would have been dilutive, the incremental shares, or the difference between shares assumed to be issued versus purchased, are included in the denominator of the diluted EPS calculation. There were no antidilutive outstanding share-based awards in fiscal years 2020 and 2019. Outstanding share-based awards of 0.1 million shares were antidilutive and therefore excluded from the computation of diluted EPS for fiscal year 2018.