Earnings Per Share (Tables)

12 Months Ended

Sep. 30, 2019

The following table presents earnings per share for fiscal 2019⁽¹⁾.



	Basic Earnings Per Share					Diluted Earnings Per Share
	Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)	Earnings per Share = (A)/(B)		Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)		Earnings per Share = (A)/(B)
	(in millions, except per share data)
Class A common stock	$	9,273	1,742	$	5.32	$	12,080	2,272	⁽³⁾	$	5.32
Class B common stock	2,130		245	$	8.68	2,127		245		$	8.66
Class C common stock	247		12	$	21.30	246		12		$	21.26
Participating securities⁽⁴⁾	430		Not presented	Not presented		429		Not presented		Not presented
Net income	$	12,080

The following table presents earnings per share for fiscal 2018⁽¹⁾.



	Basic Earnings Per Share					Diluted Earnings Per Share
	Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)	Earnings per Share = (A)/(B)		Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)		Earnings per Share = (A)/(B)
	(in millions, except per share data)
Class A common stock	$	7,937	1,792	$	4.43	$	10,301	2,329	⁽³⁾	$	4.42
Class B common stock	1,787		245	$	7.28	1,785		245		$	7.27
Class C common stock	218		12	$	17.72	217		12		$	17.69
Participating securities⁽⁴⁾	359		Not presented	Not presented		358		Not presented		Not presented
Net income	$	10,301

The following table presents earnings per share for fiscal 2017⁽¹⁾.



	Basic Earnings Per Share					Diluted Earnings Per Share
	Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)	Earnings per Share = (A)/(B)		Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)		Earnings per Share = (A)/(B)
	(in millions, except per share data)
Class A common stock	$	5,170	1,845	$	2.80	$	6,699	2,395	⁽³⁾	$	2.80
Class B common stock	1,134		245	$	4.62	1,132		245		$	4.61
Class C common stock	163		14	$	11.21	162		14		$	11.19
Participating securities⁽⁴⁾	232		Not presented	Not presented		232		Not presented		Not presented
Net income	$	6,699


⁽¹⁾	Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.

⁽²⁾

Net income is allocated based on proportional ownership on an as-converted basis. The weighted-average number of shares of as-converted class B common stock used in the income allocation was 400 million, 403 million and 405 million for fiscal 2019, 2018 and 2017, respectively. The weighted-average number of shares of as-converted class C common stock used in the income allocation was 46 million, 49 million and 58 million for fiscal 2019, 2018 and 2017, respectively. The weighted-average number of shares of preferred stock included within participating securities was 32 million, 32 million and 33 million of as-converted UK&I preferred stock for fiscal 2019, 2018 and 2017, respectively, and 44 million of as-converted Europe preferred stock for fiscal 2019, 2018 and 2017.

⁽³⁾

Weighted-average diluted shares outstanding are calculated on an as-converted basis, and include incremental common stock equivalents, as calculated under the treasury stock method. The computation includes 3 million, 3 million and 5 million common stock equivalents for fiscal 2019, 2018 and 2017, respectively, because their effect would have been dilutive. The computation excludes 1 million, 1 million and 2 million of common stock equivalents for fiscal 2019, 2018 and 2017, respectively, because their effect would have been anti-dilutive.

⁽⁴⁾

Participating securities include preferred stock outstanding and unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, such as the Company’s UK&I and Europe preferred stock, restricted stock awards, restricted stock units and earned performance-based shares. Participating securities’ income is allocated based on the weighted-average number of shares of as-converted stock. See Note 14—Stockholders’ Equity.