Earnings Per Share

3 Months Ended

Sep. 28, 2024

Note 3. Earnings Per Share

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


	Three Months Ended
		September 28, 2024		September 30, 2023
Numerator:


Net (loss) income		$	(1.8)	$	9.8
Denominator:
Weighted-average shares outstanding:

Basic		222.0		222.0

Effect of dilutive securities from stock-based compensation plans		—		2.2
Diluted		222.0		224.2

Net (loss) income per share:


Basic		$	(0.01)	$	0.04


Diluted		$	(0.01)	$	0.04

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

Three Months Ended

September 28, 2024 (1)

September 30, 2023 (1)(2)

Restricted stock units

2.5

0.5

(1)The Company’s 1.625% Senior Convertible Notes due 2026 (2026 Notes) 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 $13.19 per share 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.

(2)The Company’s 1.00% Senior Convertible Notes due 2024 (2024 Notes) 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 $13.22 per share 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.