Earnings Per Share

3 Months Ended

Oct. 03, 2020

Note 3. Earnings Per Share

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



	Three Months Ended
	October 3, 2020		September 28, 2019
Numerator:
Net income	$	14.3	$	6.8
Denominator:
Weighted-average shares outstanding:
Basic	228.8		229.4
Shares issuable assuming conversion of convertible notes ⁽¹⁾	—		2.8
Effect of dilutive securities from stock-based benefit plans	3.0		4.2
Diluted	231.8		236.4

Net income per share:
Basic	$	0.06	$	0.03
Diluted	$	0.06	$	0.03

⁽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.

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



	Three Months Ended
	October 3, 2020	September 28, 2019
	^{(2) (3)}
Restricted stock units	1.0	0.1

⁽²⁾

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 stock price for the period presented did not exceed the conversion price of $13.22. Refer to “Note 11. Debt” for more details.

⁽³⁾

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 stock price for the period presented did not exceed the conversion price of $13.94. Refer to “Note 11. Debt” for more details.