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NET INCOME PER SHARE | 3 Months Ended
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Dec. 30, 2022
Earnings Per Share [Abstract] |
NET INCOME PER SHARE | NET INCOME PER SHARE Basic net income per common share is computed by dividing the net income for the period by the weighted average number of shares of common stock outstanding during the reporting period. Diluted net income per common share reflects the effects of potentially dilutive securities, which is computed by dividing net income by the sum of the weighted average number of common shares outstanding and dilutive common shares. A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income common share is as follows:
| Three Months Ended |  |
(In millions, except per share amounts) | December 30, 2022 |  | December 31, 2021 |  |  |  |
Net income per share - basic |  |  |  |  |  |  |
Net income attributable to Varex | $ | 3.1 |  |  | $ | 1.4 |  |  |  |  |
Basic weighted average shares outstanding | 40.1 |  |  | 39.5 |  |  |  |  |
Basic net income per share attributable to Varex | $ | 0.08 |  |  | $ | 0.04 |  |  |  |  |
Net income per share - diluted |  |  |  |  |  |  |
Net income attributable to Varex | $ | 3.1 |  |  | $ | 1.4 |  |  |  |  |
Basic weighted average shares outstanding | 40.1 |  |  | 39.5 |  |  |  |  |
Dilutive effect of Convertible Notes | — |  |  | 2.6 |  |  |  |  |
Dilutive effect of share-based awards and other | 0.5 |  |  | 0.7 |  |  |  |  |
Dilutive effect of warrants | — |  |  | 1.1 |  |  |  |  |
Diluted weighted average shares outstanding | 40.6 |  |  | 43.9 |  |  |  |  |
Diluted net income per share attributable to Varex | $ | 0.08 |  |  | $ | 0.03 |  |  |  |  |
Anti-dilutive share summary |  |  |  |  |  |  |
Restricted stock and options | 3.0 |  |  | 2.5 |  |  |  |  |
Convertible notes | 9.6 |  |  | — |  |  |  |  |
Warrants | 1.9 |  |  | — |  |  |  |  |
Total anti-dilutive shares | 14.5 |  |  | 2.5 |  |  |  |  |
Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying stock options, unvested stock awards, purchase rights granted under the employee stock purchase plan, warrants and Convertible Notes using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income per share attributable to Varex when their effect is dilutive. As of October 1, 2022, the Company adopted ASU 2020-06 using the modified retrospective method. The standard requires the Company to apply the if-converted method in relation to the Convertible Notes, which requires the Company to assume that the Convertible Notes were converted using only share settlement at the beginning of the period, resulting in an additional 9.6 million shares outstanding. Using this method, the numerator is affected by adding back interest expense and the denominator is affected by including the effect of potential share settlement, if the effect is dilutive. Prior to the adoption of ASU 2020-06, the Convertible Notes were accounted for using the treasury stock method for the purposes of net income per share. See Note 1, Summary of Significant Accounting Policies, "Recently Adopted Accounting Pronouncements" for further details concerning the adoption of ASU 2020-06). Furthermore, in connection with the offering of the Convertible Notes, the Company entered into convertible note hedges and warrants (see Note 10, Borrowings). However, the Company's convertible note hedges are not included when calculating potentially dilutive shares since their effect is always anti-dilutive.

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