NET INCOME PER SHARE

9 Months Ended

Mar. 28, 2021

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				Nine Months Ended
	March 28, 2021		March 29, 2020		March 28, 2021		March 29, 2020
	(in thousands, except per share data)
Numerator:
Net income	$	1,071,121	$	574,781	$	2,763,801	$	1,555,080
Denominator:
Basic average shares outstanding	142,676		145,301		143,925		144,654
Effect of potential dilutive securities:
Employee stock plans	1,415		1,453		1,273		1,390
Convertible notes	518		1,411		725		3,604

Diluted average shares outstanding	144,609		148,165		145,923		149,648
Net income per share - basic	$	7.51	$	3.96	$	19.20	$	10.75
Net income per share - diluted	$	7.41	$	3.88	$	18.94	$	10.39

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

Nine Months Ended

March 28,
2021

March 29,
2020

March 28,
2021

March 29,
2020

(in thousands)

Options and RSUs

120