Earnings Per Share

6 Months Ended

Dec. 28, 2019

EARNINGS PER SHARE

Basic earnings per share are computed using the weighted average number of shares of common stock outstanding during the period. For purposes of computing basic earnings per share, the weighted average number of outstanding shares of common stock excludes unvested RSUs and other awards as well as MSUs. Diluted earnings per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs and other awards as well as MSUs, and assumed issuance of common stock under the 2008 ESPP using the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share:



	Three Months Ended				Six Months Ended
	December 28, 2019		December 29, 2018		December 28, 2019		December 29, 2018
	(in thousands, except per share data)
Numerator for basic earnings per share and diluted earnings per share
Net income	$	146,050	$	131,892	$	286,206	$	329,315

Denominator for basic earnings per share	270,330		276,252		270,859		277,144
Effect of dilutive securities:
Stock options, ESPP, RSUs, and MSUs	2,939		3,756		3,025		4,270
Denominator for diluted earnings per share	273,269		280,008		273,884		281,414

Earnings per share
Basic	$	0.54	$	0.48	$	1.06	$	1.19
Diluted	$	0.53	$	0.47	$	1.04	$	1.17

For the three and six months ended December 28, 2019 and December 29, 2018 no stock awards were determined to be anti-dilutive.