Earnings per share

3 Months Ended

Oct. 03, 2026

Earnings Per Share [Abstract]

Earnings per share

10. Earnings per share

	First Quarters Ended
	October 3,		September 27,
	2026		2025
	(Thousands, except per share data)
Numerator:
Net income	$	282,172	$	51,745
Denominator:
Weighted average common shares for basic earnings per share		82,273		82,996
Net effect of dilutive stock-based compensation awards		1,572		1,466
Net effect of dilutive convertible notes		2,160		—
Weighted average common shares for diluted earnings per share		86,005		84,462
Basic earnings per share	$	3.43	$	0.62
Diluted earnings per share	$	3.28	$	0.61
Stock options excluded from earnings per share calculation due to an anti-dilutive effect		—		—

The Company calculates basic earnings per share, or EPS, by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the treasury stock method for outstanding stock options, restricted stock units, and performance share units and the if-converted method for convertible debt.