NET INCOME PER COMMON SHARE (Tables)

12 Months Ended

Feb. 25, 2023

Schedule of Computation of Basic and Diluted Net Loss Per Share

The components of basic and diluted net income per Class A common share were as follows (in millions, except per share data):


	Fiscal 2022		Fiscal 2021		Fiscal 2020
Basic net income per Class A common share
Net income	$	1,513.5	$	1,619.6	$	850.2
Special Dividend on Convertible Preferred Stock	(252.2)		—		—
Accrued dividends on Convertible Preferred Stock	(51.0)		(109.4)		(86.0)
Earnings allocated to Convertible Preferred Stock	—		(226.2)		—
Net income allocated to Class A common stockholders - Basic	$	1,210.3	$	1,284.0	$	764.2

Weighted average Class A common shares outstanding - Basic (1)	529.0		469.6		500.3

Basic net income per Class A common share	$	2.29	$	2.73	$	1.53

Diluted net income per Class A common share
Net income allocated to Class A common stockholders - Basic	$	1,210.3	$	1,284.0	$	764.2
Accrued dividends on Convertible Preferred Stock	—		—		86.0
Earnings allocated to Convertible Preferred Stock	—		—		—
Net income allocated to Class A common stockholders - Diluted	$	1,210.3	$	1,284.0	$	850.2

Weighted average Class A common shares outstanding - Basic (1)	529.0		469.6		500.3
Dilutive effect of:
Restricted stock units and awards	5.0		5.7		4.1
Convertible Preferred Stock (2)	—		—		73.7
Weighted average Class A common shares outstanding - Diluted (3)	534.0		475.3		578.1

Diluted net income per Class A common share	$	2.27	$	2.70	$	1.47

(1) Fiscal 2022, fiscal 2021 and fiscal 2020 include 2.8 million, 2.7 million and 1.1 million Class A common shares remaining to be issued, respectively.

(2) Reflects the number of shares of Convertible Preferred Stock issued, if converted into common stock for the period outstanding. For fiscal 2022 and fiscal 2021, 42.7 million and 97.7 million potential common shares outstanding related to Convertible Preferred Stock were antidilutive, respectively.

(3) The number of potential Class A common shares outstanding related to RSUs and RSAs that were antidilutive for fiscal 2022, fiscal 2021 and fiscal 2020 were not material.