Earnings Per Share

6 Months Ended

Jan. 02, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Note 3. Earnings Per Share

The following table sets forth the computation of basic and diluted net income per share (in millions, except per share data):

	Three Months Ended				Six Months Ended
	January 2, 2021		December 28, 2019		January 2, 2021		December 28, 2019
Numerator:
Net income	$	21.9	$	28.0	$	36.2	$	34.8
Denominator:
Weighted-average shares outstanding:
Basic	228.8		230.0		228.8		229.7
Shares issuable assuming conversion of convertible notes (1)	0.3		5.1		—		4.0
Effect of dilutive securities from stock-based compensation plans	2.0		3.2		2.5		3.7
Diluted	231.1		238.3		231.3		237.4
Net income per share:
Basic	$	0.10	$	0.12	$	0.16	$	0.15
Diluted	$	0.09	$	0.12	$	0.16	$	0.15

(1)    Represents the number of shares that would be issued if the Company’s 1.00% Senior Convertible Notes (2024 Notes) and 1.75% Senior Convertible Notes (2023 Notes) had been converted. The par amount of the Company’s convertible notes is payable in cash equal to the principal amount of the notes plus any accrued and unpaid interest. The “in-the money” conversion benefit feature above the conversion price of the 2023 Notes and 2024 Notes of, $13.94 and $13.22 per share, respectively is payable in cash, shares of the Company’s common stock or a combination of both, at the Company’s election. Refer to “Note 11. Debt” for more details.

The following table sets forth the weighted-average potentially dilutive securities excluded from the computation of the diluted net income per share because their effect would have been anti-dilutive (in millions):

	Three Months Ended		Six Months Ended
	January 2, 2021	December 28, 2019	January 2, 2021	December 28, 2019
Restricted stock units	—	0.3	0.5	0.2