Earnings Per Share (Tables)

9 Months Ended

Apr. 03, 2021

Schedule of Computation of Basic and Diluted Net (Loss) Income 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				Nine Months Ended
	April 3, 2021		March 28, 2020		April 3, 2021		March 28, 2020
Numerator:


Net income (loss)	$	11.8	$	(32.8)	$	48.0	$	2.0
Denominator:
Weighted-average shares outstanding:

Basic	228.7		230.0		228.8		229.8
Shares issuable assuming conversion of convertible notes (1)	8.5		—		2.3		3.0
Effect of dilutive securities from stock-based compensation plans	3.0		—		2.7		3.5
Diluted	240.2		230.0		233.8		236.3

Net income (loss) per share:


Basic	$	0.05	$	(0.14)	$	0.21	$	0.01







Diluted	$	0.05	$	(0.14)	$	0.21	$	0.01

(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.

Schedule of Weighted Average Potentially Dilutive Securities Excluded from the Computation Because Their Effect Would Have Been Anti-dilutive

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		Nine Months Ended
	April 3, 2021	March 28, 2020	April 3, 2021	March 28, 2020
		(1) (2)
Restricted stock units	0.3	7.3	0.4	0.2
Stock options and ESPP	—	1.2	—	—
Shares issuable from Convertible Notes	—	1.3	—	—
Total potentially dilutive securities	0.3	9.8	0.4	0.2

(1) As the Company incurred a loss from continuing operations in the period, potential securities from employee stock options, ESPP, restricted stock units (RSUs) and performance stock units (PSUs) have been excluded from the dilutive net loss per share computations as their effects were deemed anti-dilutive.

(2) The Company’s 1.75% Senior Convertible Notes due 2023 are not included in the table above. The par amount of convertible notes is payable in cash equal to the principal amount of the notes plus any accrued and unpaid interest and then the “in-the money” conversion benefit feature at the conversion price above $13.94 per share is payable in cash, shares of the Company’s common stock or a combination of both, at the Company’s election. The Company’s average stock price for the period presented did not exceed the conversion price of $13.94. Refer to “Note 11. Debt” for more details.