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Net Income Per Share
 12 Months Ended
Apr. 03, 2020
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share also includes the incremental effect of dilutive potentially issuable common shares outstanding during the period using the treasury stock method. Dilutive potentially issuable common shares include the dilutive effect of the shares underlying convertible debt and employee equity awards. Diluted income (loss) per share was the same as basic income (loss) per share for the year ended March 29, 2019, as there was a loss from continuing operations in the period and inclusion of potentially issuable shares was anti-dilutive.
The components of basic and diluted net income (loss) per share are as follows:
 
Year Ended
(In millions, except per share amounts)
April 3, 2020
 
March 29, 2019
 
March 30, 2018
Income (loss) from continuing operations
$
578

 
$
(110
)
 
$
964

Income from discontinued operations, net of income taxes
3,309

 
141

 
174

Net income
$
3,887

 
$
31

 
$
1,138

Income (loss) per share - basic:
 
 
 
 
 
Continuing operations
$
0.94

 
$
(0.17
)
 
$
1.56

Discontinued operations
$
5.38

 
$
0.22

 
$
0.28

Net income per share - basic (1)
$
6.32

 
$
0.05

 
$
1.85

Income (loss) per share - diluted:
 
 
 
 
 
Continuing operations
$
0.90

 
$
(0.17
)
 
$
1.44

Discontinued operations
$
5.15

 
$
0.22

 
$
0.26

Net income per share - diluted (1)
$
6.05

 
$
0.05

 
$
1.70

 
 
 
 
 
 
Weighted-average outstanding shares - basic
615

 
632

 
616

Dilutive potentially issuable shares:
 
 
 
 
 
Convertible debt
20

 
—

 
32

Employee equity awards
8

 
—

 
20

Weighted-average shares outstanding - diluted
643

 
632

 
668

 
 
 
 
 
 
Anti-dilutive shares excluded from diluted net income (loss) per share calculation:
 
 
 
 
 
Convertible debt
5

 
91

 
—

Employee equity awards
2

 
47

 
1

Total
7

 
138

 
1

 
(1) Net income per share amounts may not add due to rounding.
Under the treasury stock method, our convertible debt instruments will generally have a dilutive impact on net income per share when our average stock price for the period exceeds the conversion prices for the convertible debt instruments. Prior to February 4, 2020, the conversion price for the 2.5% Convertible Notes and the 2.0% Convertible Notes were $16.77 per share and $20.41 per share, respectively. On February 4, 2020, a portion of the 2.5% Convertible Notes were exchanged for the New 2.5% Convertible Notes and a portion of the 2.0% Convertible Notes were exchanged for the New 2.0% Convertible Notes. The remaining Convertible Senior Notes received conversion price adjustments. As a result, beginning February 4, 2020, the
conversion price for the 2.5% Convertible Notes, the 2.0% Convertible Notes, the New 2.5% Convertible Notes, and the New 2.0% Convertible Notes was $8.40 per share, $10.23 per share, $16.77 per share, and $20.41 per share, respectively. The 2.5% Convertible Notes were fully repaid on March 10, 2020. See Note 10 for more information on our convertible debt instruments.
The conversion features of the convertible debt instruments were anti-dilutive during fiscal 2019 due to a loss from continuing operations.