NET INCOME PER SHARE

9 Months Ended

Mar. 27, 2022

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


	Three Months Ended				Nine Months Ended
	March 27, 2022		March 28, 2021		March 27, 2022		March 28, 2021
	(in thousands, except per share data)
Numerator:
Net income	$	1,021,778	$	1,071,121	$	3,396,352	$	2,763,801
Denominator:
Basic average shares outstanding	139,229		142,676		140,534		143,925
Effect of potential dilutive securities:
Employee stock plans	828		1,415		866		1,273
Convertible notes	—		518		—		725

Diluted average shares outstanding	140,057		144,609		141,400		145,923
Net income per share - basic	$	7.34	$	7.51	$	24.17	$	19.20
Net income per share - diluted	$	7.30	$	7.41	$	24.02	$	18.94

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, was not material for the three and nine months ended March 27, 2022 and March 28, 2021.