XML 82 R16.htm IDEA: XBRL DOCUMENT v2.4.1.9
Earnings Per Share
 3 Months Ended
Dec. 27, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share data): 
 
Three Months Ended
 
December 27, 2014
 
December 28, 2013
Numerator:
 
 
 
Net Income
$
310

 
$
252

Less: Net income (loss) attributable to noncontrolling interests
1

 
(2
)
Net income attributable to Tyson
309

 
254

Less dividends declared:
 
 
 
Class A
38

 
28

Class B
8

 
6

Undistributed earnings
$
263

 
$
220

 
 
 
 
Class A undistributed earnings
$
221

 
$
179

Class B undistributed earnings
42

 
41

Total undistributed earnings
$
263

 
$
220

Denominator:
 
 
 
Denominator for basic earnings per share:
 
 
 
Class A weighted average shares
336

 
271

Class B weighted average shares, and shares under the if-converted method for diluted earnings per share
70

 
70

Effect of dilutive securities:
 
 
 
Stock options and restricted stock
5

 
5

Tangible Equity Units
5

 
—

Warrants
—

 
8

Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions
416

 
354

 
 
 
 
Net Income Per Share Attributable to Tyson:
 
 
 
Class A Basic
$
0.77

 
$
0.76

Class B Basic
$
0.71

 
$
0.68

Diluted
$
0.74

 
$
0.72


Approximately 6 million and 5 million of our stock-based compensation shares were antidilutive for the three months ended December 27, 2014 and December 28, 2013, respectively. These shares were not included in the diluted earnings per share calculation.
We have two classes of capital stock, Class A stock and Class B stock. Cash dividends cannot be paid to holders of Class B stock unless they are simultaneously paid to holders of Class A stock. The per share amount of cash dividends paid to holders of Class B stock cannot exceed 90% of the cash dividends paid to holders of Class A stock.
We allocate undistributed earnings based upon a 1 to 0.9 ratio per share to Class A stock and Class B stock, respectively. We allocate undistributed earnings based on this ratio due to historical dividend patterns, voting control of Class B shareholders and contractual limitations of dividends to Class B stock.