VF Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE

EARNINGS PER SHARE

12 Months Ended

Mar. 28, 2020



	Year Ended March				Three Months Ended March (Transition Period)		Year Ended December

(In thousands, except per share amounts)	2020		2019		2018		2017
Earnings per share — basic:
Income from continuing operations	$	629,146	$	870,426	$	128,975	$	268,070
Weighted average common shares outstanding	395,411		395,189		395,253		399,223
Earnings per share from continuing operations	$	1.59	$	2.20	$	0.33	$	0.67
Earnings per share — diluted:
Income from continuing operations	$	629,146	$	870,426	$	128,975	$	268,070
Weighted average common shares outstanding	395,411		395,189		395,253		399,223
Incremental shares from stock options and other dilutive securities	4,525		5,307		6,023		4,336
Adjusted weighted average common shares outstanding	399,936		400,496		401,276		403,559
Earnings per share from continuing operations	$	1.57	$	2.17	$	0.32	$	0.66

Outstanding options to purchase 1.5 million, 0.5 million and 6.9 million shares of Common Stock were excluded from the calculations of diluted earnings per share in the years ended March 2020, March 2019 and December 2017, respectively, because the effect of their inclusion would have been antidilutive to those years. For the three months ended March 2018, all outstanding options to purchase shares were dilutive and included in the calculation of

diluted earnings per share. In addition, 0.6 million and 0.8 million shares of performance-based RSUs were excluded from the calculations of diluted earnings per share in the years ended March 2020 and 2019, respectively, and 0.9 million shares were excluded in each of the three months ended March 2018 and the year ended December 2017 because these units were not considered to be contingent outstanding shares.