XML 39 R25.htm IDEA: XBRL DOCUMENT v3.22.2.2
Earnings Per Share ("EPS")
 12 Months Ended
Jul. 02, 2022
Earnings Per Share [Abstract]  
Earnings Per Common Share

17. Earnings Per Common Share

Basic earnings per common share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is calculated using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. The Company’s potential common shares include outstanding stock-based compensation awards and expected issuable shares under the employee stock purchase plan. In computing diluted earnings per common share, the average closing stock price for the period is used in determining the number of shares assumed to be purchased with the assumed proceeds under the treasury stock method. For fiscal 2020 diluted loss per common share is the same as basic loss per common share because the inclusion of potential common shares is antidilutive.

A reconciliation of the numerators and denominators for the basic and diluted earnings per common share computations is as follows:

 

(In millions, except per share amounts)

 

For the Fiscal Year Ended
July 2, 2022

 

 

For the Fiscal Year Ended
July 3, 2021

 

 

For the Fiscal Year Ended
June 27, 2020

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

112.5

 

 

$

40.7

 

 

$

(114.1

)

Denominator:

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

 

149.8

 

 

 

132.1

 

 

 

113.0

 

Dilutive effect of potential common shares

 

 

1.5

 

 

 

1.3

 

 

 

-

 

Weighted-average dilutive shares outstanding

 

 

151.3

 

 

 

133.4

 

 

 

113.0

 

Basic earnings (loss) per common share

 

$

0.75

 

 

$

0.31

 

 

$

(1.01

)

Diluted earnings (loss) per common share

 

$

0.74

 

 

$

0.30

 

 

$

(1.01

)