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Earnings Per Share and Certain Related Information
3 Months Ended
Jan. 01, 2016
Earnings Per Share Reconciliation [Abstract]  
Earnings Per Share and Certain Related Information
Earnings Per Share and Certain Related Information
The following table (i) reconciles the denominator used to compute basic earnings per share ("EPS") to the denominator used to compute diluted EPS for the three months ended January 1, 2016 and December 26, 2014; (ii) provides information regarding the number of non-qualified stock options and shares of restricted stock that were antidilutive and therefore disregarded in calculating the weighted average number of shares outstanding used in computing diluted EPS; and (iii) provides the number of shares of common stock issued from the exercise of stock options and the release of restricted stock (in thousands):
 
 
For the Three Months Ended
 
January 1,
2016
 
December 26,
2014
Shares used to calculate EPS:
 
 
 
Weighted average shares outstanding (denominator used to compute basic EPS)
120,888

 
128,652

Effect of stock options and restricted stock
1,071

 
1,321

Denominator used to compute diluted EPS
121,959

 
129,973

Antidilutive stock options and restricted stock
4,011

 
3,169

Shares of common stock issued from the exercise of stock options and the release of restricted stock
287

 
396



Share Repurchases

On July 23, 2015, the Company's Board of Directors authorized a share repurchase program of up to $500 million of the Company's common stock. The following table summarizes the activity under this program from the authorization date (in thousands, except per-share amounts):

 
Amount Authorized
 
Average Price Per Share (1)
 
Total Shares Retired
 
 
Shares Repurchased
 
$500,000
 
$41.09
 
1,024
 
 
1,024

(1)
Includes commissions paid and calculated as the average price per share since the repurchase
program authorization date.

Share repurchases may be executed through various means including, without limitation, open market transactions, privately negotiated transactions or otherwise. The share repurchase program does not obligate the Company to purchase any shares and expires on July 22, 2018. The authorization for the share repurchase program may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. The timing of share repurchases may depend upon market conditions, other uses of capital, and other factors.