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Net Income per Share | 12 Months Ended
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Jun. 25, 2023
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, and convertible notes. The following table reconciles the inputs to the basic and diluted computations for net income per share.
| Year Ended |
June 25, 2023 |  | June 26, 2022 |  | June 27, 2021 |
| (in thousands, except per share data) |
Numerator: |  |  |  |  |  |
Net income | $ | 4,510,931 |  |  | $ | 4,605,286 |  |  | $ | 3,908,458 |  |
Denominator: |  |  |  |  |  |
Basic average shares outstanding | 135,472 |  |  | 139,899 |  |  | 143,609 |  |
Effect of potential dilutive securities: |  |  |  |  |  |
Employee stock plans | 362 |  |  | 729 |  |  | 1,168 |  |
Convertible notes | — |  |  | — |  |  | 543 |  |
Diluted average shares outstanding | 135,834 |  |  | 140,628 |  |  | 145,320 |  |
Net income per share - basic | $ | 33.30 |  |  | $ | 32.92 |  |  | $ | 27.22 |  |
Net income per share - diluted | $ | 33.21 |  |  | $ | 32.75 |  |  | $ | 26.90 |  |
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 impact from potentially dilutive securities, including options and RSUs, was not material for fiscal years ended June 25, 2023, June 26, 2022, and June 27, 2021.

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