NET INCOME PER SHARE

6 Months Ended

Dec. 27, 2020

Earnings Per Share [Abstract]

NET INCOME PER SHARE

NET INCOME PER SHARE

Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the treasury stock method, for dilutive stock options, restricted stock units, and convertible notes. Refer to Note 12 - Long-term Debt and Other Borrowings for additional information regarding the Company’s convertible notes. The following table reconciles the inputs to the basic and diluted computations for net income per share. 

	Three Months Ended				Six Months Ended
	December 27, 2020		December 29, 2019		December 27, 2020		December 29, 2019
	(in thousands, except per share data)
Numerator:
Net income	$	869,229	$	514,510	$	1,692,680	$	980,299
Denominator:
Basic average shares outstanding	143,830		143,987		144,549		144,330
Effect of potential dilutive securities:
Employee stock plans	1,293		1,528		1,202		1,359
Convertible notes	787		4,582		828		4,700
Diluted average shares outstanding	145,910		150,097		146,579		150,389
Net income per share - basic	$	6.04	$	3.57	$	11.71	$	6.79
Net income per share - diluted	$	5.96	$	3.43	$	11.55	$	6.52

For purposes of computing diluted net income per share, weighted-average common shares do not include potentially dilutive securities that are anti-dilutive under the treasury stock method. The following potentially dilutive securities were excluded:

	Three Months Ended		Six Months Ended
	December 27, 2020	December 29, 2019	December 27, 2020	December 29, 2019
	(in thousands)
Options and RSUs	4	3	2	4