Net Income per Share

6 Months Ended

Jan. 29, 2022

The following table presents the calculation of basic and diluted net income per share (in millions, except per-share amounts):


	Three Months Ended				Six Months Ended
	January 29, 2022		January 23, 2021		January 29, 2022		January 23, 2021
Net income	$	2,973	$	2,545	$	5,953	$	4,719
Weighted-average shares—basic	4,183		4,223		4,201		4,227
Effect of dilutive potential common shares	22		11		21		12
Weighted-average shares—diluted	4,205		4,234		4,222		4,239
Net income per share—basic	$	0.71	$	0.60	$	1.42	$	1.12
Net income per share—diluted	$	0.71	$	0.60	$	1.41	$	1.11
Antidilutive employee share-based awards, excluded	11		49		41		56

Employee equity share options, unvested shares, and similar equity instruments granted and assumed by us are treated as potential common shares outstanding in computing diluted earnings per share. Diluted shares outstanding include the dilutive effect of in-the-money options, unvested restricted stock, and restricted stock units. The dilutive effect of such equity awards is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options and the amount of compensation cost for future service that has not yet been recognized are collectively assumed to be used to repurchase shares.