NET INCOME PER SHARE

9 Months Ended

Mar. 26, 2023

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, and convertible notes. The following table reconciles the inputs to the basic and diluted computations for net income per share.


	Three Months Ended				Nine Months Ended
	March 26, 2023		March 27, 2022		March 26, 2023		March 27, 2022
	(in thousands, except per share data)
Numerator:
Net income	$	814,008	$	1,021,778	$	3,708,394	$	3,396,352
Denominator:
Basic average shares outstanding	134,924		139,229		135,945		140,534
Effect of potential dilutive securities:
Employee stock plans	471		828		369		866


Diluted average shares outstanding	135,395		140,057		136,314		141,400
Net income per share - basic	$	6.03	$	7.34	$	27.28	$	24.17
Net income per share - diluted	$	6.01	$	7.30	$	27.20	$	24.02

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 impact from potentially dilutive securities, including options and RSUs, was not material for the three and nine months ended March 26, 2023 and March 27, 2022.