Net Income per Share

3 Months Ended

Jul. 27, 2012

Net Income per Share

13.  Net Income per Share

The following is a calculation of basic and diluted net income per share (in millions):

	Three Months Ended
	July 27, 2012		July 29, 2011
Numerator:
Net income	$	63.8	$	139.5
Denominator:
Shares used in basic computation		366.1		370.3
Dilutive potential shares related to employee equity award plans		4.9		11.8
Dilutive impact of assumed conversion of Notes		0.2		15.4
Dilutive impact of warrants		0.0		8.0
Shares used in diluted computation		371.2		405.5
Net Income per Share:
Basic	$	0.17	$	0.38
Diluted	$	0.17	$	0.34

The following potential weighted-average shares of common stock have been excluded from the diluted net income per share calculations, as their effect would have been anti-dilutive (in millions):

	Three Months Ended
	July 27, 2012		July 29, 2011
Options and RSUs		17.7		3.6

Dilutive shares outstanding during the three months ended July 27, 2012 do not include any effect resulting from warrants, as their impact would have been anti-dilutive. The Note hedges are not included in the calculation of earnings per share for any period as their effect would have been anti-dilutive. The Note hedges, if exercised upon conversion of the Notes, are expected to reduce approximately 80% of the dilutive effect of the Notes when our stock price is above $31.85 per share.