Net Income Per Share

Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding. These potentially dilutive items consist primarily of outstanding stock options and awards (including restricted stock units and market stock units).

The following table details the calculation of basic and diluted earnings per share for the three and nine months ended December 30, 2017 and December 24, 2016 (in thousands, except per share amounts):

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	Three Months Ended				Nine Months Ended
	December 30,		December 24,		December 30,		December 24,
	2017		2016		2017		2016
Numerator:
Net income	$	33,779	$	122,041	$	149,991	$	226,151
Denominator:
Weighted average shares outstanding	63,453		63,837		63,655		63,025
Effect of dilutive securities	2,104		2,911		2,722		3,353
Weighted average diluted shares	65,557		66,748		66,377		66,378
Basic earnings per share	$	0.53	$	1.91	$	2.36	$	3.59
Diluted earnings per share	$	0.52	$	1.83	$	2.26	$	3.41

The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 30, 2017 were 824 thousand and 273 thousand, respectively, as the shares were anti-dilutive. The weighted outstanding shares excluded from our diluted calculation for the three and nine months ended December 24, 2016 were 157 thousand and 208 thousand, respectively, as the shares were anti-dilutive.