14. Earnings per share | | | | | | | | | | | | Years Ended | | | June 27, | | June 28, | | June 29, | | | 2026 | | 2025 | | 2024 | | | | (Thousands, except per share data) | Numerator: | | | | | | | | | | Net income | | $ | 334,389 | | $ | 240,217 | | $ | 498,699 | | | | | | | | | | | Denominator: | | | | | | | | | | Weighted average common shares for basic earnings per share | | | 82,158 | | | 86,266 | | | 90,567 | Net effect of dilutive stock-based compensation awards | | | 1,257 | | | 1,147 | | | 1,270 | Net effect of dilutive convertible notes | | | — | | | — | | | — | Weighted average common shares for diluted earnings per share | | | 83,415 | | | 87,413 | | | 91,837 | Basic earnings per share | | $ | 4.07 | | $ | 2.78 | | $ | 5.51 | Diluted earnings per share | | $ | 4.01 | | $ | 2.75 | | $ | 5.43 | Stock options excluded from earnings per share calculation due to an anti-dilutive effect | | | — | | | — | | | 79 |
The Company calculates basic earnings per share, or EPS, by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the treasury stock method for outstanding stock options, restricted stock units, and performance share units and the if-converted method for convertible debt.
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