Company: CRUS
Filing Date: 2025-05-23
Form Type: 10-K
Source: 0000772406-25-000014
Chunk: 90

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-05-23
Form: 10-K
Item: Item 8
Chunk 90
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penditure Credit (“RDEC”) program in the United Kingdom.  The RDEC is recorded as an offset to research and development expenses in the consolidated statements of income,   $43.0 million, $40.9 million, and $26.2 million in fiscal years 2025, 2024, and 2023, respectively.  The RDEC is first settled against the Company's United Kingdom quarterly income tax payments with any remainder paid in cash on an annual basis.  The RDEC receivable as of March 30, 2024 totaled $27.9 million, presented within "Other current Assets" on the consolidated balance sheets.  There was no RDEC receivable as of March 29, 2025.  While the duration of RDEC benefits is indefinite, the program is subject to future policy changes and RDEC claims are subject to regular audits by the United Kingdom government.  Net Income Per ShareBasic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period.  Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding.  These potentially dilutive items consist primarily of outstanding stock options and restricted stock grants.The following table details the calculation of basic and diluted earnings per share for fiscal years 2025, 2024, and 2023, (in thousands, except per share amounts):  Fiscal Years EndedMarch 29, 2025March 30, 2024March 25, 2023Numerator:Net income$331,507 $274,572 $176,703 Denominator:Weighted average shares outstanding53,135 54,290 55,614 Effect of dilutive securities2,106 1,731 1,612 Weighted average diluted shares55,241 56,021 57,226 Basic earnings per share$6.24 $5.06 $3.18 Diluted earnings per share$6.00 $4.90 $3.09 The weighted outstanding shares excluded from our diluted calculation for the years ended March 29, 2025, March 30, 2024, and March 25,