Net Income Per Share

9 Months Ended

Mar. 25, 2023

3. Net Income Per Share

The computation of basic and diluted net income per share was as follows (in millions, except per share data):


	Three Months Ended				Nine Months Ended
	March				March
	2023		2022		2023		2022
Numerator:
Net income	$	10.4	$	64.9	$	97.0	$	174.6
Denominator:
Shares, basic		39.4		39.5		39.7		38.8
Effect of dilutive share-based awards and convertible notes		0.5		1.2		0.6		1.9
Shares, diluted		39.9		40.7		40.3		40.7
Net income per share:
Basic	$	0.26	$	1.64	$	2.44	$	4.50
Diluted	$	0.26	$	1.59	$	2.41	$	4.29

Our basic net income per share amounts for each period presented have been computed using the weighted average number of shares of common stock, $0.001 par value, or the common stock, outstanding over the period measured. Our diluted net income per share amounts for each period presented include the weighted average effect of potentially dilutive shares. We use the "treasury stock" method to determine the dilutive effect of our stock options, restricted stock units, or RSUs, market stock units, or MSUs, performance stock units, or PSUs, and our convertible notes, which were settled in August 2021.

Dilutive net income per share amounts do not include the potential weighted average effect of 920,655 and 68,521 shares of common stock related to certain share-based awards that were outstanding during the three months ended March 2023 and March 2022, respectively, and 665,898 and 31,430 shares of common stock related to certain share-based awards that were outstanding during nine months ended March 2023 and March 2022, respectively. These share-based awards were not included in the computation of diluted net income per share because their effect would have been antidilutive.