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Net Income Per Share | 12 Months Ended
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Jun. 29, 2014
Net Income Per Share | Note 9: Net Income Per Share Basic net 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 is computed using the treasury stock method, for dilutive stock options, restricted stock units (“RSUs”), and convertible notes. The following table reconciles the numerators and denominators of the basic and diluted computations for net income per share.
|  | Year Ended |
|  | June 29, 2014 |  |  | June 30, 2013 |  |  | June 24, 2012 |
|  | (in thousands, except per share data) |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 632,289 |  |  | $ | 113,879 |  |  | $ | 168,723 |
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Basic average shares outstanding |  |  | 164,741 |  |  |  | 168,932 |  |  |  | 124,176 |
Effect of potential dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |
Employee stock plans |  |  | 2,864 |  |  |  | 2,558 |  |  |  | 910 |
Convertible notes |  |  | 6,898 |  |  |  | 1,940 |  |  |  | 147 |
Diluted average shares outstanding |  |  | 174,503 |  |  |  | 173,430 |  |  |  | 125,233 |
Net income per share - basic |  | $ | 3.84 |  |  | $ | 0.67 |  |  | $ | 1.36 |
Net income per share - diluted |  | $ | 3.62 |  |  | $ | 0.66 |  |  | $ | 1.35 |
For purposes of computing diluted net income per share, weighted-average common shares do not include potentially dilutive securities that are anti-dilutive under the treasury stock method. The following potentially dilutive securities were excluded:
|  | Year Ended |
|  | June 29, 2014 |  |  | June 30, 2013 |  |  | June 24, 2012 |
|  | (in thousands) |
Number of options and RSUs excluded |  |  | 78 |  |  |  | 534 |  |  |  | 382 |
Diluted shares outstanding include only the effect of the 2041 Notes. Diluted shares outstanding do not include any effect resulting from warrants, assumed conversion of the notes, or note hedges associated with the Company’s 2016 or 2018 Notes (as described in Note 13) as their impact would have been anti-dilutive.

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