Net Income Per Share

3 Months Ended

Apr. 03, 2016

Net Income per Share

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



	Three months ended
	April 3, 2016		March 29, 2015
	(In thousands, except per share amounts)
Numerator for basic net income per share:
Net income	$	78,353	$	39,025
Denominator for basic net income per share:
Weighted-average common shares outstanding	201,928		211,428
Basic net income per share	$	0.39	$	0.18

Numerator for diluted net income per share:
Net income	$	78,353	$	39,025
Denominator for diluted net income per share:
Weighted-average common shares outstanding	201,928		211,428
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	2,002		2,581
1.5% Notes due 2017	5,858		7,427
Warrants issued in conjunction with the 1.5% Notes due 2017	135		2,613
Shares used in computing diluted net income per share	209,923		224,049
Diluted net income per share	$	0.37	$	0.17

Anti-dilutive shares excluded from net income per share calculation	34,702		34,262

Basic earnings per share exclude any dilutive effects of stock options, SARs, RSUs, warrants and convertible debt.

Diluted earnings per share in the first quarter of 2016 includes the dilutive effects of stock options, SARs, RSUs, ESPP, the 1.5% Notes due 2017 and certain 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 2016 diluted net income per share calculations because their inclusion is considered anti-dilutive.

Diluted earnings per share in the first quarter of 2015 includes 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 2015 diluted net income per share calculation because their inclusion is considered anti-dilutive.