NET INCOME PER SHARE

3 Months Ended

Sep. 27, 2020

Earnings Per Share [Abstract]

NET INCOME PER SHARE

NET INCOME PER SHARE

Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the treasury stock method, for dilutive stock options, restricted stock units, convertible notes, and warrants. Refer to Note 12 - Long-term Debt and Other Borrowings 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
	September 27, 2020		September 29, 2019
	(in thousands, except per share data)
Numerator:
Net income	$	823,451	$	465,789
Denominator:
Basic average shares outstanding	145,267		144,673
Effect of potential dilutive securities:
Employee stock plans	1,112		1,190
Convertible notes	869		4,819
Diluted average shares outstanding	147,248		150,682
Net income per share - basic	$	5.67	$	3.22
Net income per share - diluted	$	5.59	$	3.09

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
	September 27, 2020	September 29, 2019
	(in thousands)
Options and RSUs	42	155