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NET INCOME PER SHARE | 6 Months Ended
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Dec. 29, 2019
Earnings Per Share [Abstract] |
NET INCOME PER SHARE | 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, convertible notes, and warrants. Dilutive shares outstanding include the effect of the convertible notes. Refer to Note 12 - Long-term Debt and Other Borrowings for additional information regarding the Company’s convertible notes. The following table reconciles the numerators and denominators of the basic and diluted computations for net income per share.
| Three Months Ended |  | Six Months Ended
| December 29, 2019 |  | December 23, 2018 |  | December 29, 2019 |  | December 23, 2018
| (in thousands, except per share data)
Numerator: |  |  |  |  |  |  |
Net income | $ | 514,510 |  |  | $ | 568,855 |  |  | $ | 980,299 |  |  | $ | 1,102,215 |
Denominator: |  |  |  |  |  |  |
Basic average shares outstanding | 143,987 |  |  | 155,022 |  |  | 144,330 |  |  | 155,340 |
Effect of potential dilutive securities: |  |  |  |  |  |  |
Employee stock plans | 1,528 |  |  | 1,435 |  |  | 1,359 |  |  | 1,487 |
Convertible notes | 4,582 |  |  | 5,713 |  |  | 4,700 |  |  | 5,894 |
Warrants | — |  |  | — |  |  | — |  |  | 1,028 |
Diluted average shares outstanding | 150,097 |  |  | 162,170 |  |  | 150,389 |  |  | 163,749 |
Net income per share - basic | $ | 3.57 |  |  | $ | 3.67 |  |  | $ | 6.79 |  |  | $ | 7.10 |
Net income per share - diluted | $ | 3.43 |  |  | $ | 3.51 |  |  | $ | 6.52 |  |  | $ | 6.73 |
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 |  | Six Months Ended
| December 29, 2019 |  | December 23, 2018 |  | December 29, 2019 |  | December 23, 2018
| (in thousands)
Options and RSUs | 3 |  |  | 227 |  |  | 4 |  |  | 890 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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