Earnings Per Share

9 Months Ended

Jul. 01, 2023

EARNINGS (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted earnings (loss) per share (in millions, except per share data):


	Three Months Ended				Nine Months Ended
	July 1, 2023		July 2, 2022		July 1, 2023		July 2, 2022
Numerator:
Net income (loss)	$	(435)	$	753	$	(206)	$	2,712
Less: Net income (loss) attributable to noncontrolling interests	(18)		3		(8)		12
Net income (loss) attributable to Tyson	(417)		750		(198)		2,700
Less dividends declared:
Class A	137		132		416		406
Class B	30		29		92		88
Undistributed earnings (losses)	$	(584)	$	589	$	(706)	$	2,206

Class A undistributed earnings (losses)	$	(478)	$	484	$	(578)	$	1,813
Class B undistributed earnings (losses)	(106)		105		(128)		393
Total undistributed earnings (losses)	$	(584)	$	589	$	(706)	$	2,206

Denominator:
Denominator for basic earnings per share:
Class A weighted average shares	284		289		285		291
Class B weighted average shares, and shares under the if-converted method for diluted earnings per share	70		70		70		70
Effect of dilutive securities:
Stock options, restricted stock and performance units	—		3		—		3

Denominator for diluted earnings (loss) per share – adjusted weighted average shares and assumed conversions	354		362		355		364





Net income (loss) per share attributable to Tyson:
Class A basic	$	(1.18)	$	2.14	$	(0.56)	$	7.64
Class B basic	$	(1.08)	$	1.92	$	(0.51)	$	6.87
Diluted	$	(1.18)	$	2.07	$	(0.56)	$	7.42
Dividends Declared Per Share:
Class A	$	0.480	$	0.460	$	1.460	$	1.395
Class B	$	0.432	$	0.414	$	1.314	$	1.256

Approximately 9 million of our stock-based compensation shares were antidilutive for the three and nine months ended July 1, 2023. Approximately 2 million of our stock-based compensation shares were antidilutive for the three and nine months ended July 2, 2022. 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 (losses) 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.