Years Ended

July 1,

July 2,

July 3,

2023

2022

2021

(Thousands, except per share data)

Numerator:

Net income

$

770,828

$

692,379

$

193,114

Denominator:

Weighted average common shares for basic earnings per share

92,043

98,662

99,258

Net effect of dilutive stock-based compensation awards

1,325

1,157

910

Weighted average common shares for diluted earnings per share

93,368

99,819

100,168

Basic earnings per share

$

8.37

$

7.02

$

1.95

Diluted earnings per share

$

8.26

$

6.94

$

1.93

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

140

230

700