Net Income Per Share

6 Months Ended

Jun. 25, 2022

Net Income Per Share:

The Company presents both basic and diluted net income per share on the Condensed Consolidated Statements of Income. Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average diluted shares outstanding during the period. Dilutive shares are computed using the treasury stock method for share-based awards. Performance-based restricted share units are included in diluted shares only if the related performance conditions are considered satisfied as of the end of the reporting period. Net income per share is calculated as follows (in thousands, except per share amounts):


	Fiscal Three Months Ended
	June 25, 2022					June 26, 2021
	Income		Shares	Per Share Amount		Income		Shares	Per Share Amount
Basic net income per share:	$	396,478	111,590	$	3.55	$	370,022	115,133	$	3.21
Dilutive effect of share-based awards	—		728	(0.02)		—		958	(0.02)
Diluted net income per share:	$	396,478	112,318	$	3.53	$	370,022	116,091	$	3.19


	Fiscal Six Months Ended					Fiscal Six Months Ended
	June 25, 2022					June 26, 2021
	Income		Shares	Per Share Amount		Income		Shares	Per Share Amount
Basic net income per share:	$	583,705	112,060	$	5.21	$	551,376	115,643	$	4.77
Dilutive effect of share-based awards	—		851	(0.04)		—		1,016	(0.04)
Diluted net income per share:	$	583,705	112,911	$	5.17	$	551,376	116,659	$	4.73

Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.2 million for fiscal three months ended June 25, 2022 and less than 0.1 million shares for the fiscal three months ended June 26, 2021. Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.1 million shares for the fiscal six months ended June 25, 2022 and approximately 0.2 million shares for the fiscal six months ended June 26, 2021.