NET INCOME PER SHARE

3 Months Ended

Sep. 24, 2023

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.


	Three Months Ended
		September 24, 2023		September 25, 2022
		(in thousands, except per share data)
Numerator:
Net income		$	887,398	$	1,425,879
Denominator:
Basic average shares outstanding		132,584		136,891
Effect of potential dilutive securities:
Employee stock plans		582		317


Diluted average shares outstanding		133,166		137,208
Net income per share - basic		$	6.69	$	10.42
Net income per share - diluted		$	6.66	$	10.39

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 the three months ended September 24, 2023 and September 25, 2022.