Net Income Per Share

3 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Income Per Share

Net Income Per Share

Basic 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 also includes the incremental effect of dilutive potentially issuable common shares outstanding. Dilutive potentially issuable common shares include the dilutive effect of the shares underlying convertible debt and employee equity awards. Our remaining convertible debt was extinguished on August 15, 2022.

The components of basic and diluted net income (loss) per share are as follows:

	Three Months Ended
(In millions, except per share amounts)	June 30, 2023		July 1, 2022
Net income (loss)	$	189	$	200
Net income (loss) per share - basic	$	0.30	$	0.35
Net income (loss) per share - diluted	$	0.29	$	0.33
Weighted-average shares outstanding - basic	640		578
Dilutive potentially issuable shares:
Convertible debt	—		22
Employee equity awards	3		4
Weighted-average shares outstanding - diluted	643		604
Anti-dilutive shares excluded from diluted net income per share calculation:
Employee equity awards	6		—
Total	6		—