Method 1: Using Double.parseDouble
public static double parseDouble(String str) throws NumberFormatException
It returns the double value represented by the string argument and throws following exceptions:
NullPointerException – if the specified String str is null.
NumberFormatException – if the string format is not valid.  For e.g. If the string is 122.20ab this exception will be thrown.
String str="122.202";
Double var= Double.parseDouble(str);
Double variable var value would be 122.202 after conversion.
Method 2: Using Double.valueOf
String str3="122.202";
Double var3= Double.valueOf(str3);
The value of var3 would be 122.202.
Method 3: Double class constructor
String str2="122.202";
Double var2= new Double(str2);
Double class has a constructor which parses the passed String argument and returns a double value.
public Double(String s) throws NumberFormatException
Constructs a newly allocated Double object that represents the floating-point value of type double represented by the string.
Complete Example:
try{
   //Using parseDouble
   String str="122.202";
   Double var= Double.parseDouble(str);
   System.out.println(var);
   String str2="122.202";
   Double var2= new Double(str2);
   System.out.println(var2);
   //Using valueOf method
   String str3="122.202";
   Double var3= Double.valueOf(str3);
   System.out.println(var3);
}catch (NullPointerException e){ e.printStackTrace();}
 catch (NumberFormatException e){ e.printStackTrace();}
}
Output:
122.202
122.202
122.202
As additional, here's how to get the text from EditText:
EditText et = (EditText) findViewById(R.id.myEditText);
String text = et.getText().toString();
Source.