Earnings Per Share ("EPS")

12 Months Ended

Jun. 29, 2024

17. Earnings Per Common Share

Basic earnings per common share is computed by dividing net income 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. Potential common shares of 0.1 million for both the fiscal years ended June 29, 2024 and July 2, 2022 were not included in computing diluted earnings per common share because the effect would have been antidilutive. No potential common shares were considered antidilutive for the fiscal year ended July 1, 2023.

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)	Fiscal Year Ended June 29, 2024	Fiscal Year Ended July 1, 2023	Fiscal Year Ended July 2, 2022
Numerator:
Net income	$435.9	$397.2	$112.5
Denominator:
Weighted-average common shares outstanding	154.4	154.2	149.8
Dilutive effect of potential common shares	1.6	1.9	1.5
Weighted-average dilutive shares outstanding	156.0	156.1	151.3
Basic earnings per common share	$2.82	$2.58	$0.75
Diluted earnings per common share	$2.79	$2.54	$0.74