Earnings Per Share

9 Months Ended

Mar. 28, 2020

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				Nine Months Ended
	March 28, 2020		March 30, 2019		March 28, 2020		March 30, 2019
	(in thousands, except per share data)
Numerator for basic earnings per share and diluted earnings per share
Net income	$	161,190	$	130,613	$	447,396	$	459,928

Denominator for basic earnings per share	269,003		273,221		270,241		275,831
Effect of dilutive securities:
Stock options, ESPP, RSUs, and MSUs	2,576		3,389		2,946		3,849
Denominator for diluted earnings per share	271,579		276,610		273,187		279,680

Earnings per share
Basic	$	0.60	$	0.48	$	1.66	$	1.67
Diluted	$	0.59	$	0.47	$	1.64	$	1.64

For the three and nine months ended March 28, 2020 and March 30, 2019 no stock awards were determined to be anti-dilutive. Securities which would have been anti-dilutive are insignificant and were excluded from the computation of diluted earnings per share in all periods.