NET INCOME PER SHARE

9 Months Ended

Mar. 31, 2024

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, and restricted stock units. The following table reconciles the inputs to the basic and diluted computations for net income per share.


	Three Months Ended				Nine Months Ended
	March 31, 2024		March 26, 2023		March 31, 2024		March 26, 2023
	(in thousands, except per share data)
Numerator:
Net income	$	965,826	$	814,008	$	2,807,490	$	3,708,394
Denominator:
Basic average shares outstanding	130,838		134,924		131,663		135,945
Effect of potential dilutive securities:
Employee stock plans	680		471		619		369


Diluted average shares outstanding	131,518		135,395		132,282		136,314
Net income per share - basic	$	7.38	$	6.03	$	21.32	$	27.28
Net income per share - diluted	$	7.34	$	6.01	$	21.22	$	27.20

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. These anti-dilutive securities, including options and RSUs, were not material for the three and nine months ended March 31, 2024 and March 26, 2023.