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Net Income Per Share | 12 Months Ended
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Jun. 25, 2022
Earnings Per Share [Abstract] |
Net Income Per Share | 2. Net Income Per Share The computation of basic and diluted net income per share for fiscal 2022, 2021, and 2020 was as follows (in millions, except per share amounts):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Numerator: |  |  |  |  |  |  |  |  |
Net income |  | $ | 257.5 |  |  | $ | 79.6 |  |  | $ | 118.8 |
Denominator: |  |  |  |  |  |  |  |  |
Shares, basic |  |  | 39.0 |  |  |  | 34.8 |  |  |  | 33.6 |
Effect of dilutive share-based awards and convertible notes |  |  | 1.7 |  |  |  | 3.5 |  |  |  | 1.2 |
Shares, diluted |  |  | 40.7 |  |  |  | 38.3 |  |  |  | 34.8 |
Net income per share: |  |  |  |  |  |  |  |  |
Basic |  | $ | 6.60 |  |  | $ | 2.29 |  |  | $ | 3.54 |
Diluted |  | $ | 6.33 |  |  | $ | 2.08 |  |  | $ | 3.41 |
Diluted net income per share does not include the effect of potential common shares related to certain share-based awards for fiscal 2022, 2021, and 2020 as follows (in millions):
|  | 2022 |  |  | 2021 |  |  | 2020 |
Share-based awards |  |  | 0.1 |  |  |  | - |  |  |  | 0.7 |
These share-based awards were not included in the computation of diluted net income per share because the proceeds received, if any, from such share-based awards combined with the average unamortized compensation costs, were greater than the average market price of our common stock, and therefore, their effect would have been antidilutive. Our basic net income per share amounts for each period presented have been computed using the weighted average number of shares of common stock outstanding. Our diluted net income per share amounts for each period presented include the weighted average effect of potentially dilutive shares. We used the “treasury stock” method to determine the dilutive effect of outstanding stock options, RSUs, MSUs, PSUs and convertible notes.

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