Earnings Per Share

6 Months Ended

Jan. 01, 2022

Earnings Per Share [Abstract]

Earnings Per Share

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				Six Months Ended
	January 1, 2022		January 2, 2021		January 1, 2022		January 2, 2021
Numerator:
Net income (loss)	$	34.6	$	27.3	$	(20.2)	$	47.0
Denominator:
Weighted-average shares outstanding:
Basic	236.0		228.8		233.6		228.8
Shares issuable assuming conversion of convertible notes (1)	4.3		0.3		—		0.2
Effect of dilutive securities from stock-based compensation plans	2.0		2.0		—		2.5
Diluted	242.3		231.1		233.6		231.5
Net income (loss) per share:
Basic	$	0.15	$	0.12	$	(0.09)	$	0.21
Diluted	$	0.14	$	0.12	$	(0.09)	$	0.20

(1)    Represents the number of shares that would be issued if the Company’s 1.00% Senior Convertible Notes (2024 Notes) and 1.75% Senior Convertible Notes (2023 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. The “in-the money” conversion benefit feature above the conversion price of the 2023 Notes and 2024 Notes of $13.94 and $13.22 per share respectively, is payable in cash, shares of the Company’s common stock or a combination of both, at the Company’s election. Refer to “Note 11. Debt” for more details.

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		Six Months Ended
	January 1, 2022	January 2, 2021	January 1, 2022	January 2, 2021
Restricted stock units (1)	0.5	—	0.8	0.5
Shares issuable from Senior Convertible Notes (2)	—	—	6.3	—
Total potentially dilutive securities	0.5	—	7.1	0.5

(1)    Represents the number of restricted stock units (RSUs) that are excluded from the computation of diluted earnings per share as their inclusion would have been anti-dilutive.

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