Capital Stock (Notes) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 27, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Capital Stock | Capital Stock
Stock Repurchase Program. On July 26, 2018, we announced a stock repurchase program authorizing us to repurchase up to $30 billion of our common stock. The stock repurchase program has no expiration date. In the first quarter of fiscal 2021, we resumed stock repurchases under the stock repurchase program, which we had suspended in the third quarter of fiscal 2020 in light of the COVID-19 pandemic.
In the three months ended December 27, 2020 and December 29, 2019, we repurchased and retired 3 million and 9 million shares, respectively, for $444 million and $762 million, respectively, before commissions. To reflect share repurchases in the consolidated balance sheet, we (i) reduce common stock for the par value of the shares, (ii) reduce paid-in capital for the amount in excess of par to zero during the quarter in which the shares are repurchased and (iii) record the residual amount, if any, to retained earnings. At December 27, 2020, $4.2 billion remained authorized for repurchase under our stock repurchase program. Since December 27, 2020, we repurchased and retired 2 million shares of common stock for $311 million.
Dividends. On January 20, 2021, we announced a cash dividend of $0.65 per share on our common stock, payable on March 25, 2021 to stockholders of record as of the close of business on March 4, 2021.
Earnings Per Common Share. Basic earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed by dividing net income by the combination of the weighted-average number of dilutive common share equivalents, comprised of shares issuable under our share-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. The following table provides information about the diluted earnings per share calculation (in millions):
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