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Earnings per Share (EPS) and Common Stock | 9 Months Ended
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Jun. 30, 2018
Earnings Per Share and Common Stock |
Earnings(loss) per Share (EPS) and Common Stock | 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.
| Three months ended |  | Nine months ended
Calculation of Basic and Diluted EPS | June 30, 2018 |  | July 1, 2017 |  | June 30, 2018 |  | July 1, 2017
| (in thousands, except per share data)
Net income (loss) | $ | 16,997 |  |  | $ | (951 | ) |  | $ | 38,796 |  |  | $ | (11,196 | )
Weighted average shares outstanding—Basic | 115,774 |  |  | 115,615 |  |  | 115,915 |  |  | 115,511 |
Dilutive effect of restricted stock units | 1,726 |  |  | — |  |  | 1,772 |  |  | — |
Weighted average shares outstanding—Diluted | 117,500 |  |  | 115,615 |  |  | 117,687 |  |  | 115,511 |
Earnings (loss) per share—Basic | $ | 0.15 |  |  | $ | (0.01 | ) |  | $ | 0.33 |  |  | $ | (0.10 | )
Earnings (loss) per share—Diluted | $ | 0.14 |  |  | $ | (0.01 | ) |  | $ | 0.33 |  |  | $ | (0.10 | )
There were 0.1 million antidilutive shares for the nine months ended June 30, 2018. Total antidilutive shares were 2.0 million for the nine months ended July 1, 2017. For the nine months ended July 1, 2017 the diluted net loss per share is the same as the basic net loss per share as the effects of all our potential common stock equivalents are antidilutive, because we reported a loss for the period. Common Stock Repurchases Our Articles of Organization authorize us to issue up to 500 million shares of our common stock. Our Board of Directors periodically authorizes the repurchase of shares of our common stock. All shares of our common stock repurchased are automatically restored to the status of authorized and unissued. On September 14, 2017, our Board of Directors authorized us to repurchase up to $500 million of our common stock in the period October 1, 2017 through September 30, 2020. In the first nine months of 2018 and 2017, we repurchased $100 million and $35 million, respectively, of our common stock. The 2018 repurchase was accomplished through an accelerated share repurchase ("ASR") agreement with a major financial institution that we entered into in April 2018. Under this ASR, we repurchased our common stock at a purchase price determined by the average market price over a period of time, with final settlement in June 2018. In July 2018, our Board of Directors has authorized us to repurchase up to an additional $1,000 million of our common stock through September 30, 2020. We entered into a new $1,000 million ASR as described in Note 14. Subsequent Events. Final settlement of this ASR is expected to occur in 7.5 to 10 months.

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