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EARNINGS PER SHARE | 6 Months Ended
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Apr. 02, 2022
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | Basic income per share is calculated using the weighted average number of shares of common stock outstanding during the period. Stock options and restricted stock are included in the calculation of diluted earnings per share, except when their effect would be anti-dilutive. The following table reflects a reconciliation of the shares used in the basic and diluted net income per share computation for the three and six months ended April 2, 2022 and April 3, 2021:
| Three months ended
(in thousands, except per share data) | April 2, 2022 |  | April 3, 2021
| Basic |  | Diluted |  | Basic |  | Diluted
NUMERATOR: |  |  |  |  |  |  |
Net income | $ | 116,001 |  |  | $ | 116,001 |  |  | $ | 71,320 |  |  | $ | 71,320 |
DENOMINATOR: |  |  |  |  |  |  |
Weighted average shares outstanding - Basic | 61,482 |  |  | 61,482 |  |  | 62,068 |  |  | 62,068 |
Dilutive effect of Equity Plans |  |  | 953 |  |  |  |  | 1,169 |
Weighted average shares outstanding - Diluted |  |  | 62,435 |  |  |  |  | 63,237 |
EPS: |  |  |  |  |  |  |
Net income per share - Basic | $ | 1.89 |  |  | $ | 1.89 |  |  | $ | 1.15 |  |  | $ | 1.15 |
Effect of dilutive shares |  |  | (0.03) |  |  |  |  | (0.02) |
Net income per share - Diluted |  |  | $ | 1.86 |  |  |  |  | $ | 1.13 |
Anti-dilutive shares(1) |  |  | 21 |  |  |  | 0
| Six months ended
(in thousands, except per share data) | April 2, 2022 |  | April 3, 2021
| Basic |  | Diluted |  | Basic |  | Diluted
NUMERATOR: |  |  |  |  |  |  |
Net income | $ | 249,607 |  |  | $ | 249,607 |  |  | $ | 119,683 |  |  | $ | 119,683 |
DENOMINATOR: |  |  |  |  |  |  |
Weighted average shares outstanding - Basic | 61,934 |  |  | 61,934 |  |  | 62,023 |  |  | 62,023 |
Dilutive effect of Equity Plans |  |  | 973 |  |  |  |  | 1,095 |
Weighted average shares outstanding - Diluted |  |  | 62,907 |  |  |  |  | 63,118 |
EPS: |  |  |  |  |  |  |
Net income per share - Basic | $ | 4.03 |  |  | $ | 4.03 |  |  | $ | 1.93 |  |  | $ | 1.93 |
Effect of dilutive shares |  |  | (0.06) |  |  |  |  | (0.03) |
Net income per share - Diluted |  |  | $ | 3.97 |  |  |  |  | $ | 1.90 |
Anti-dilutive shares(1) |  |  | 1 |  |  |  | 3
(1) Represents Relative TSR PSUs and Growth PSUs that are excluded from the calculation of diluted earnings per share for the three and six months ended April 2, 2022 and April 3, 2021 as the effect would have been anti-dilutive.

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