Net Income per Common Share

12 Months Ended

Jun. 26, 2011

Net Income per Common Share [Abstract]

Net Income per Common Share

11. Net Income per Common Share

The table below provides a reconciliation of the numerator and denominator for the basic and diluted per-share computations for fiscal years ended June 26, 2011, June 27, 2010 and June 28, 2009 (in thousands, except per share amounts):

	Fiscal Years Ended
	June 26, 2011		June 27, 2010		June 28, 2009
Net income (loss)	$	166,546	$	80,827	$	(247,417	)
Less: Income allocated to participating securities		2,562		465		—
Income available to common stockholders	$	163,984		80,362		(247,417	)
Earnings per common share – basic
Weighted average shares outstanding		69,858		70,958		72,295
Basic income (loss) per share	$	2.35	$	1.13	$	(3.42	)
Earnings per common share – diluted
Basic weighted average shares outstanding		69,858		70,958		72,295
Effect of dilutive securities – stock options and RSU’s		665		290		—
Diluted weighted-average shares		70,523		71,248		72,295
Diluted income (loss) per share	$	2.33	$	1.13	$	(3.42	)

For the fiscal years ended June 26, 2011 and June 27, 2010, 762,186 and 2,734,860 of common stock equivalents were anti-dilutive and were not included in the computation of diluted earnings per share for these periods, respectively, as the exercise price for these common stock equivalents was greater than the average market price of the common stock of the Company during these periods.  For the fiscal year ended June 28, 2009, as a result of the net loss reported for that fiscal period, 8,144,217 of common stock equivalents were anti-dilutive and were not included in the computation of diluted earnings per share during that period.  In addition, for the fiscal year ended June 26, 2011, 366,100 of contingently issuable restricted stock units for which all necessary conditions had not been met were not included in the computation of diluted earnings per share.