Net Income Per Share

12 Months Ended

Nov. 27, 2020

Basic net income per share is computed using the weighted average number of common shares outstanding for the period, excluding unvested restricted stock units and performance awards. Diluted net income per share is based upon the weighted average common shares outstanding for the period plus dilutive potential common shares, including unvested restricted stock units, stock purchase rights, performance share awards and stock options using the treasury stock method.

The following table sets forth the computation of basic and diluted net income per share for fiscal 2020, 2019 and 2018:


(in millions, except per share data)	2020		2019		2018
Net income	$	5,260	$	2,951	$	2,591

Shares used to compute basic net income per share	480.9		486.3		490.6
Dilutive potential common shares	4.6		5.3		7.2
Shares used to compute diluted net income per share	485.5		491.6		497.8

Basic net income per share	$	10.94	$	6.07	$	5.28
Diluted net income per share	$	10.83	$	6.00	$	5.20

Anti-dilutive potential common shares (1)	0.5		0.2		0.2

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(1) Potential common stock equivalents not included in the calculation of diluted net income per share as the effect would have been anti-dilutive.