Earnings Per Share

3 Months Ended

Sep. 26, 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, RSAs and MSUs. Diluted earnings per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs, RSAs and 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
	September 26, 2020		September 28, 2019
	(in thousands, except per share data)
Numerator for basic earnings per share and diluted earnings per share
Net income	$	169,514	$	140,156

Denominator for basic earnings per share	266,831		271,388
Effect of dilutive securities:
Stock options, ESPP, RSUs, RSAs and MSUs	2,698		3,048
Denominator for diluted earnings per share	269,529		274,436

Earnings per share
Basic	$	0.64	$	0.52
Diluted	$	0.63	$	0.51

For the three months ended September 26, 2020 and September 28, 2019 stock awards determined to be anti-dilutive were insignificant and were excluded from the computation of diluted earnings per share in all periods.