Net Income Per Share

6 Months Ended

Jun. 28, 2015

Net Income per Share

The following table sets forth the computation of basic and diluted net income per share:



	Three months ended				Six months ended
	June 28, 2015		June 29, 2014		June 28, 2015		June 29, 2014
	(In thousands, except per share amounts)
Numerator for basic net income per share:
Net income	$	80,973	$	273,946	$	119,998	$	542,894
Denominator for basic net income per share:
Weighted-average common shares outstanding	206,737		225,544		209,083		225,694
Basic net income per share	$	0.39	$	1.21	$	0.57	$	2.41

Numerator for diluted net income per share:
Net income	$	80,973	$	273,946	$	119,998	$	542,894
Denominator for diluted net income per share:
Weighted-average common shares outstanding	206,737		225,544		209,083		225,694
Incremental common shares attributable to exercise of outstanding employee stock options, SARs and ESPP (assuming proceeds would be used to purchase common stock), and RSUs	1,267		3,069		2,243		3,326
1.5% Notes due 2017	4,708		8,284		6,246		7,158
Warrants issued in conjunction with the 1.5% Notes due 2017	—		3,859		918		2,285
Shares used in computing diluted net income per share	212,712		240,756		218,490		238,463
Diluted net income per share	$	0.38	$	1.14	$	0.55	$	2.28

Anti-dilutive shares excluded from net income per share calculation	56,687		33,500		36,021		33,240

Basic earnings per share exclude any dilutive effects of stock options, SARs, RSUs, warrants and convertible debt. Diluted earnings per share include the dilutive effects of stock options, SARs, RSUs, ESPP, the 1.5% Notes due 2017 and warrants issued in conjunction with the 1.5% Notes due 2017. Certain common stock issuable under stock options, RSUs, the 0.5% Notes due 2020 and warrants issued in conjunction with the 0.5% Notes due 2020, have been omitted from the current and prior year diluted net income per share calculation because the inclusion is considered anti-dilutive.