Earnings Per Share

12 Months Ended

Jul. 02, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 3. Earnings Per Share

Basic net income per share is computed by dividing net income for the period by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. If dilutive, the effect of outstanding Employee Stock Purchase Program (ESPP) purchase rights, restricted stock units (RSUs), performance-based stock units (PSUs), market-based stock units (MSUs), stock options and Senior Convertible Notes is reflected in diluted net income per share by application of the treasury stock method and/or the if-converted method, as applicable. The calculation of diluted net income per share excludes all anti-dilutive common shares.

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

	Years Ended
	July 2, 2022		July 3, 2021		June 27, 2020
Numerator:
Net income	$	15.5	$	67.5	$	49.0
Denominator:
Weighted-average shares outstanding:
Basic	230.9		228.7		229.4
Shares issuable assuming conversion of convertible notes(1)	4.8		5.0		2.3
Effect of dilutive securities from stock-based compensation plans	2.5		2.6		3.1
Diluted	238.2		236.3		234.8
Net income per share:
Basic	$	0.07	$	0.30	$	0.21
Diluted	$	0.07	$	0.29	$	0.21

(1) Represents the dilutive impact for the Company's 1.75% Senior Convertible Notes due 2023 and the 1.00% Senior Convertible Notes due 2024. As of July 2, 2022, the if-converted value in excess of outstanding principal of the 1.75% Senior Convertible Notes due 2023 and the 1.00% Senior Convertible Notes due 2024 was $2.1 million and $19.4 million, respectively. Refer to “Note 11. Debt” for more information.

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):

	Years Ended
	July 2, 2022	July 3, 2021	June 27, 2020
Full Value Awards(1)	0.6	0.4	0.2
Total potentially dilutive securities	0.6	0.4	0.2

(1) See Note 16. Stock-Based Compensation for definition of Full Value Awards.