Earnings Per Share

9 Months Ended

Mar. 27, 2021

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				Nine Months Ended
	March 27, 2021		March 28, 2020		March 27, 2021		March 28, 2020
	(in thousands, except per share data)
Numerator for basic earnings per share and diluted earnings per share
Net income	$	220,063	$	161,190	$	573,522	$	447,396

Denominator for basic earnings per share	267,892		269,003		267,341		270,241
Effect of dilutive securities:
Stock options, ESPP, RSUs, RSAs and MSUs	3,504		2,576		3,402		2,946
Denominator for diluted earnings per share	271,396		271,579		270,743		273,187

Earnings per share
Basic	$	0.82	$	0.60	$	2.15	$	1.66
Diluted	$	0.81	$	0.59	$	2.12	$	1.64

For the three and nine months ended March 27, 2021 and March 28, 2020 stock awards determined to be anti-dilutive were insignificant and were excluded from the computation of diluted earnings per share in all periods.