Net Income Per Share

12 Months Ended

Jun. 29, 2024

2. Net Income Per Share

The computation of basic and diluted net income per share for fiscal 2024, 2023, and 2022 was as follows (in millions, except per share amounts):


	2024		2023		2022
Numerator:
Net income	$	125.6	$	73.6	$	257.5
Denominator:
Shares, basic		39.2		39.6		39.0
Effect of dilutive share-based awards and convertible notes		0.5		0.6		1.7
Shares, diluted		39.7		40.2		40.7
Net income per share:
Basic	$	3.20	$	1.86	$	6.60
Diluted	$	3.16	$	1.83	$	6.33

Diluted net income per share does not include the effect of potential common shares related to certain share-based awards for fiscal 2024, 2023, and 2022 as follows (in millions):


	2024		2023		2022
Share-based awards		0.2		0.7		0.1

These share-based awards were not included in the computation of diluted net income per share because the proceeds received, if any, from such share-based awards combined with the average unamortized compensation costs, were greater than the average market price of our common stock, and therefore, their effect would have been antidilutive.

Our basic net income per share amounts for each period presented have been computed using the weighted average number of shares of common stock outstanding. Our diluted net income per share amounts for each period presented include the weighted average effect of potentially dilutive shares. We used the “treasury stock” method to determine the dilutive effect of outstanding share-based awards and convertible notes.