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Earnings Per Share | 3 Months Ended
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Jan. 02, 2021
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 |  |
| January 1, 2022 |  | January 2, 2021 |  |  |  |
Numerator: |  |  |  |  |  |  |
Net income | $ | 1,126 |  |  | $ | 472 |  |  |  |  |
Less: Net income attributable to noncontrolling interests | 5 |  |  | 5 |  |  |  |  |
Net income attributable to Tyson | 1,121 |  |  | 467 |  |  |  |  |
Less dividends declared: |  |  |  |  |  |  |
Class A | 140 |  |  | 138 |  |  |  |  |
Class B | 30 |  |  | 30 |  |  |  |  |
Undistributed earnings | $ | 951 |  |  | $ | 299 |  |  |  |  |
Class A undistributed earnings | $ | 782 |  |  | $ | 246 |  |  |  |  |
Class B undistributed earnings | 169 |  |  | 53 |  |  |  |  |
Total undistributed earnings | $ | 951 |  |  | $ | 299 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Denominator for basic earnings per share: |  |  |  |  |  |  |
Class A weighted average shares | 292 |  |  | 293 |  |  |  |  |
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, restricted stock and performance units | 3 |  |  | 2 |  |  |  |  |
Denominator for diluted earnings per share – adjusted weighted average shares and assumed conversions | 365 |  |  | 365 |  |  |  |  |
Net income per share attributable to Tyson: |  |  |  |  |  |  |
Class A basic | $ | 3.16 |  |  | $ | 1.31 |  |  |  |  |
Class B basic | $ | 2.84 |  |  | $ | 1.18 |  |  |  |  |
Diluted | $ | 3.07 |  |  | $ | 1.28 |  |  |  |  |
Dividends Declared Per Share: |  |  |  |  |  |  |
Class A | $ | 0.475 |  |  | $ | 0.470 |  |  |  |  |
Class B | $ | 0.428 |  |  | $ | 0.423 |  |  |  |  |
Approximately 2 million and 6 million of our stock-based compensation shares were antidilutive for the three months ended January 1, 2022 and January 2, 2021, 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 1.0 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.

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