Earnings Per Share (Tables)

3 Months Ended

Sep. 28, 2019

Schedule of computation of basic and diluted net (loss) income per share

The following table sets forth the computation of basic and diluted net loss per share (in millions, except per share data):



	Three Months Ended
	September 28, 2019		September 29, 2018
Numerator:
Net income (loss)	$	6.8	$	(15.3	)
Denominator:
Weighted-average shares outstanding:
Basic	229.4		227.2
Shares issuable assuming conversion of convertible notes⁽¹⁾	2.8		—
Effect of dilutive securities from stock-based benefit plans	4.2		—
Diluted	236.4		227.2

Net income (loss) per share:
Basic	$	0.03	$	(0.07	)
Diluted	$	0.03	$	(0.07	)

⁽¹⁾

Represents the number of shares that would be issued if the Company’s Senior Convertible Notes had been converted. The par amount of the Company’s convertible notes is payable in cash equal to the principal amount of the notes plus any accrued and unpaid interest and the “in-the money” conversion benefit feature above the conversion price is payable in cash, shares of the Company’s common stock or a combination of both, at the Company’s election.

Schedule of weighted average potentially dilutive securities excluded from the computation because their effect would have been anti-dilutive

The following table sets forth the weighted-average potentially dilutive securities excluded from the computation of the diluted net loss per share because their effect would have been anti-dilutive (in millions):



	Three Months Ended
	September 28, 2019	September 29, 2018
		^{(2) (3) (4) (5)}
Stock options and ESPP	—	1.6
Restricted stock units	0.1	7.0
Total potentially dilutive securities	0.1	8.6


⁽²⁾	As the Company incurred a loss from continuing operations in the period, potential dilutive securities from employee stock options, ESPP, RSUs and PSUs have been excluded from the diluted net loss per share computations as their effects were deemed anti-dilutive.

⁽³⁾

The Company’s 0.625% Senior Convertible Notes due 2033 are not included in the table above. In October 2018, the 2033 Notes were fully converted and redeemed by the Company and any potential EPS dilution effect of the Notes was realized upon the Company settling the “in-the-money” conversion benefit feature of the Notes with shares of common stock. Refer to “Note 11. Debt” for more details.

⁽⁴⁾

The Company’s 1.00% Senior Convertible Notes due 2024 are not included in the table above. The par amount of convertible notes is payable in cash equal to the principal amount of the notes plus any accrued and unpaid interest and then the “in-the-money” conversion benefit feature at the conversion price above $13.22 per share payable in cash, shares of the Company’s common stock or a combination of both at the Company’s election. The Company’s average quarterly stock price for the period presented did not exceed the conversion price of $13.22. Refer to “Note 11. Debt” for more details.

⁽⁵⁾

The Company’s 1.75% Senior Convertible Notes due 2023 are not included in the table above. The par amount of convertible notes is payable in cash equal to the principal amount of the notes plus any accrued and unpaid interest and then the “in-the money” conversion benefit feature at the conversion price above $13.94 per share payable in cash, shares of the Company’s common stock or a combination of both at the Company’s election. The Company’s average quarterly stock price for the period presented did not exceed the conversion price of $13.94. Refer to “Note 11. Debt” for more details.