Net Income Per Common Share

9 Months Ended

Jan. 02, 2021

Earnings Per Share [Abstract]

Net Income Per Common Share

Net Income Per Common ShareThe computation of basic net income per common share for all periods presented is derived from information on the condensed consolidated statements of income, and there are no reconciling items in the numerator used to compute the diluted net income per common share. The following table summarizes the computation of basic and diluted net income per common share:

	Three Months Ended				Nine Months Ended
(In thousands, except per share amounts)	January 2, 2021		December 28, 2019		January 2, 2021		December 28, 2019
Net income available to common stockholders	$	170,972	$	162,012	$	458,625	$	630,463
Weighted average common shares outstanding-basic	245,145		250,546		243,976		252,330
Dilutive effect of employee equity incentive plans	3,003		2,262		2,810		3,428
Weighted average common shares outstanding-diluted	248,148		252,808		246,786		255,758
Basic net income per common share	$	0.70	$	0.65	$	1.88	$	2.50
Diluted net income per common share	$	0.69	$	0.64	$	1.86	$	2.47

The total shares used in the denominator of the diluted net income per common share calculation include potentially dilutive common equivalent shares outstanding that are not included in basic net income per common share calculation. The diluted shares were calculated by applying the treasury stock method to the impact of the equity incentive plans.

Certain shares of outstanding stock options and RSUs were excluded from diluted net income per common share calculation by applying the treasury stock method, as their inclusion would have been anti-dilutive. These excluded options and RSUs were immaterial for the third quarter and the first nine months of fiscal 2021 and 2020, respectively, but could be dilutive in the future if the Company’s average share price increases and is greater than the combined exercise prices and the unamortized fair values of these options and RSUs.