NET INCOME PER SHARE

6 Months Ended

Dec. 24, 2023

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				Six Months Ended
	December 24, 2023		December 25, 2022		December 24, 2023		December 25, 2022
	(in thousands, except per share data)
Numerator:
Net income	$	954,266	$	1,468,507	$	1,841,664	$	2,894,386
Denominator:
Basic average shares outstanding	131,629		136,018		132,107		136,455
Effect of potential dilutive securities:
Employee stock plans	591		321		586		319


Diluted average shares outstanding	132,220		136,339		132,693		136,774
Net income per share - basic	$	7.25	$	10.80	$	13.94	$	21.21
Net income per share - diluted	$	7.22	$	10.77	$	13.88	$	21.16

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 six months ended December 24, 2023 and December 25, 2022.