Net Income per Share

12 Months Ended

Jun. 27, 2021

Earnings Per Share [Abstract]

Net Income per Share

Net Income per ShareBasic 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.

The following table reconciles the inputs to the basic and diluted computations for net income per share. 

	Year Ended
	June 27, 2021		June 28, 2020		June 30, 2019
	(in thousands, except per share data)
Numerator:
Net income	$	3,908,458	$	2,251,753	$	2,191,430
Denominator:
Basic average shares outstanding	143,609		144,814		152,478
Effect of potential dilutive securities:
Employee stock plans	1,168		1,236		1,323
Convertible notes	543		3,040		5,610
Warrants	—		—		504
Diluted average shares outstanding	145,320		149,090		159,915
Net income per share - basic	$	27.22	$	15.55	$	14.37
Net income per share - diluted	$	26.90	$	15.10	$	13.70

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 impact from potentially dilutive securities, including options and RSUs, were not material for fiscal years ended June 27, 2021, June 28, 2020, and June 30, 2019.