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NET INCOME PER SHARE
 3 Months Ended
Sep. 28, 2014
NET INCOME PER SHARE

NOTE 10 — NET INCOME PER SHARE

Basic net income per share is computed by dividing net income by the weighted-average number of shares of Common Stock outstanding during the period. Diluted net income per share is computed using the treasury stock method, for dilutive stock options, RSUs, and convertible notes. Dilutive shares outstanding include the effect of the 2016, 2018 and 2041 Notes. The following table reconciles the numerators and denominators of the basic and diluted computations for net income per share.

 

     Three Months Ended  
     September 28,
2014		      September 29,
2013		  
     (in thousands, except per share data)  

Numerator:

      

Net income

    $ 141,081       $ 85,506   
  

 

 

     

 

 

  

Denominator:

      

Basic average shares outstanding

      161,685         162,896   

Effect of potential dilutive securities:

      

Employee stock plans

      3,560         2,868   

Convertible notes

      11,867         5,599   

Warrants

      6         —     
  

 

 

     

 

 

  

Diluted average shares outstanding

      177,118         171,363   
  

 

 

     

 

 

  

Net income per share — basic

    $ 0.87       $ 0.52   
  

 

 

     

 

 

  

Net income per share — diluted

    $ 0.80       $ 0.50   
  

 

 

     

 

 

  

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:

 

     Three Months Ended  
     September 28,
2014		      September 29,
2013		  
     (in thousands)  

Number of potential dilutive securities excluded

      —           290   
  

 

 

     

 

 

  

 

Diluted shares outstanding do not include any effect resulting from the note hedges associated with the Company’s 2016 or 2018 Notes (as described in Note 12) as their impact would have been anti-dilutive.