Shareholders' Equity

12 Months Ended

Mar. 28, 2015

Equity [Abstract]

SHAREHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Stock Repurchase

On February 5, 2015, the Company announced that its Board of Directors authorized the repurchase of up to $200.0 million of its outstanding common stock, exclusive of related fees, commissions or other expenses. Repurchases may be made at management’s discretion from time to time on the open market or in privately negotiated transactions, and the program may be discontinued at any time. During fiscal 2015, the Company repurchased 0.8 million shares at an average price of $65.87 on the open market. As of March 28, 2015, approximately $150.0 million remains available for repurchase.

In connection with the Business Combination, each share of RFMD common stock was converted into the right to receive 0.25 of a share of Qorvo common stock plus cash in lieu of fractional shares, and each share of TriQuint common stock was converted into the right to receive 0.4187 of a share of Qorvo common stock plus cash in lieu of fractional shares.  Approximately 13,160 fractional shares were repurchased for $0.9 million. 

Prior to the Business Combination, RFMD had a share repurchase program under which RFMD was authorized to repurchase up to $200 million of RFMD's outstanding shares of common stock. Denominated in shares of Qorvo common stock, during fiscal 2014, RFMD repurchased approximately 0.6 million shares at an average price of $20.12 on the open market for approximately $12.8 million including transaction costs, and during fiscal 2013, RFMD repurchased approximately 0.5 million shares at an average price of $15.00 on the open market for approximately $7.0 million including transaction costs.

Common Stock Reserved For Future Issuance

At March 28, 2015, the Company had reserved a total of approximately 25.0 million of its authorized 405.0 million shares of common stock for future issuance as follows (in thousands):

Outstanding stock options under formal directors’ and employees’ stock option plans	7,764
Possible future issuance under Company stock incentive plans	8,801
Employee stock purchase plan	6,243
Restricted stock-based units granted	2,202
Total shares reserved	25,010