Earnings per Share (EPS) and Common Stock

3 Months Ended

Dec. 31, 2020

Earnings Per Share And Common Stock [Abstract]

Earnings per Share (EPS) and Common Stock

5. Earnings per Share (EPS) and Common Stock

EPS

Basic EPS is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted EPS is calculated by dividing net income by the weighted-average number of shares outstanding plus the dilutive effect, if any, of outstanding RSUs using the treasury stock method. The calculation of the dilutive effect of outstanding equity awards under the treasury stock method includes consideration of unrecognized compensation expense as additional proceeds.

The following table presents the calculation for both basic and diluted EPS:

(in thousands, except per share data)	Three months ended
	December 31, 2020		December 28, 2019
Net income	$	23,515	$	35,455
Weighted-average shares outstanding—Basic		116,401		115,190
Dilutive effect of restricted stock units		1,204		501
Weighted-average shares outstanding—Diluted		117,605		115,691
Earnings per share—Basic	$	0.20	$	0.31
Earnings per share—Diluted	$	0.20	$	0.31

There were 0.1 million anti-dilutive shares for the three months ended December 31, 2020. There were 1.3 million anti-dilutive shares for the three months ended December 28, 2019.

Common Stock Repurchases

Our Articles of Organization authorize us to issue up to 500 million shares of our common stock. Our Board of Directors has authorized us to repurchase up to $1 billion of our common stock in the period October 1, 2020 through September 30, 2023. We did not repurchase any shares in the first quarter of 2021 or the first quarter of 2020. All shares of our common stock repurchased are automatically restored to the status of authorized and unissued.