Years Ended

July 2,

July 3,

June 27,

2022

2021

2020

(Thousands, except per share data)

Numerator:

Net income (loss)

$

692,379

$

193,114

$

(31,081)

Denominator:

Weighted average common shares for basic earnings per share

98,662

99,258

100,474

Net effect of dilutive stock-based compensation awards

1,157

910

—

Weighted average common shares for diluted earnings per share

99,819

100,168

100,474

Basic earnings (loss) per share

$

7.02

$

1.95

$

(0.31)

Diluted earnings (loss) per share

$

6.94

$

1.93

$

(0.31)

Stock options excluded from earnings per share calculation due to anti-dilutive effect

230

700

1,431