NET INCOME PER SHARE

9 Months Ended

Mar. 27, 2016

Basic net income per share is computed by dividing net income by the weighted-average number of shares of Common Stock outstanding during the period. Diluted net income per share is computed using the treasury stock method, for dilutive stock options, RSUs, convertible notes, and warrants. Dilutive shares outstanding include the effect of the convertible notes. Refer to Note 11 for additional information regarding the Company's convertible notes. The following table reconciles the numerators and denominators of the basic and diluted computations for net income per share.



	Three Months Ended				Nine Months Ended
	March 27, 2016		March 29, 2015		March 27, 2016		March 29, 2015
	(in thousands, except per share data)
Numerator:
Net income	$	143,451	$	206,285	$	655,110	$	524,306
Denominator:
Basic average shares outstanding	159,039		158,992		158,605		159,975
Effect of potential dilutive securities:
Employee stock plans	2,046		3,058		2,208		3,307
Convertible notes	12,999		14,351		13,161		13,321
Warrants	289		1,130		355		628
Diluted average shares outstanding	174,373		177,531		174,329		177,231
Net income per share - basic	$	0.90	$	1.30	$	4.13	$	3.28
Net income per share - diluted	$	0.82	$	1.16	$	3.76	$	2.96

For purposes of computing diluted net income per share, weighted-average common shares do not include potentially dilutive securities that are anti-dilutive under the treasury stock method. The following potentially dilutive securities were excluded:



	Three Months Ended		Nine Months Ended
	March 27, 2016	March 29, 2015	March 27, 2016	March 29, 2015
	(in thousands)
Number of options and RSUs excluded	332	324	287	154

Diluted shares outstanding do not include any effect resulting from the note hedges associated with the Company’s 2016 or 2018 Notes as their impact would have been anti-dilutive.