NET INCOME PER SHARE

3 Months Ended

Sep. 25, 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
		September 25, 2022		September 26, 2021
		(in thousands, except per share data)
Numerator:
Net income		$	1,425,879	$	1,179,744
Denominator:
Basic average shares outstanding		136,891		141,743
Effect of potential dilutive securities:
Employee stock plans		317		869


Diluted average shares outstanding		137,208		142,612
Net income per share - basic		$	10.42	$	8.32
Net income per share - diluted		$	10.39	$	8.27

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 months ended September 25, 2022 and September 26, 2021.