Earnings per Share

9 Months Ended

Mar. 27, 2021

EARNINGS PER SHARE

Basic net income per share is calculated by dividing net income by the weighted-average number of shares outstanding during the period. Diluted net income per share is calculated similarly but includes potential dilution from the exercise of stock options and restricted stock units and any other potentially dilutive instruments, only in the periods in which such effects are dilutive under the treasury stock method.

The following is a reconciliation of the weighted-average shares outstanding and calculation of basic and diluted earnings per share:


	Three Months Ended				Nine Months Ended
	March 27, 2021		March 28, 2020		March 27, 2021		March 28, 2020
	(millions, except per share data)
Net income (loss)	$	91.7	$	(677.1)	$	634.4	$	(358.3)

Weighted-average basic shares	278.2		276.1		277.5		279.4
Dilutive securities:


Effect of dilutive securities(1)	7.4		—		4.0		—
Weighted-average diluted shares	285.6		276.1		281.5		279.4

Net income per share:
Basic	$	0.33	$	(2.45)	$	2.29	$	(1.28)
Diluted	$	0.32	$	(2.45)	$	2.25	$	(1.28)

(1) There was no dilutive effect for the three and nine months ended March 28, 2020 as the impact of these items would be anti-dilutive as a result of the net loss incurred during the period.

Earnings per share amounts have been calculated based on unrounded numbers. Options to purchase shares of the Company's common stock at an exercise price greater than the average market price of the common stock during the reporting period are anti-dilutive and therefore not included in the computation of diluted net income per common share. In addition, the Company has outstanding restricted stock unit awards that are issuable only upon the achievement of certain performance goals. Performance-based restricted stock unit awards are included in the computation of diluted shares only to the extent that the underlying performance conditions (i) are satisfied as of the end of the reporting period or (ii) would be considered satisfied if

the end of the reporting period were the end of the related contingency period and the result would be dilutive under the treasury stock method. As of March 27, 2021 and March 28, 2020, there were 8.7 million and 17.6 million, respectively, of additional shares issuable upon exercise of anti-dilutive options and contingent vesting of performance-based restricted stock unit awards, which were excluded from the diluted share calculations.