Earnings Per Share

12 Months Ended

Jun. 26, 2021

EARNINGS PER SHARE

Basic earnings per share are computed using the weighted average number of shares of common stock outstanding during the period. For purposes of computing basic earnings per share, the weighted average number of outstanding shares of common stock excludes unvested RSUs, RSAs and MSUs. Diluted earnings per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs, RSAs and MSUs, and assumed issuance of common stock under the 2008 ESPP using the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share:


	For the Year Ended
	June 26, 2021		June 27, 2020		June 29, 2019
	(in thousands, except per share data)
Numerator for basic earnings per share and diluted earnings per share
Net income	$	827,261	$	654,694	$	827,486

Denominator for basic earnings per share	267,546		269,341		274,966
Effect of dilutive securities:
Stock options, ESPP, RSUs, RSAs and MSUs	3,326		2,687		3,811
Denominator for diluted earnings per share	270,872		272,028		278,777

Earnings per share:
Basic	$	3.09	$	2.43	$	3.01
Diluted	$	3.05	$	2.41	$	2.97

For the fiscal years ended June 26, 2021, June 27, 2020 and June 29, 2019, no stock awards were determined to be anti-dilutive. Securities which would have been anti-dilutive are insignificant and were excluded from the computation of diluted earnings per share in all periods.