Net Income (Loss) per Common Share

3 Months Ended

Sep. 25, 2011

Net Income per Common Share [Abstract]

Net Income per Common Share

14. Net Income per Common Share

The Company calculates earnings per share using the two-class method.  The two-class method requires allocating the Company’s net income to both common shares and participating securities.  The Company’s participating securities include the unvested, outstanding RSUs to the extent the RSUs provide for the right to receive dividend equivalents.  The following table provides a reconciliation of the numerator and denominator of the basic and diluted per-share computations for the three months ended September 25, 2011 and September 26, 2010 (in thousands, except per share amounts):

	Three Months Ended
	September 25, 2011		September 26, 2010
Net income	$	21,963	$	33,498
Less: Income allocated to participating securities		267		539
Income available to common stockholders	$	21,696	$	32,959
Earnings per common share - basic
Weighted average shares outstanding		69,768		70,165
Basic income per share	$	0.31	$	0.47
Earnings per common share - diluted
Basic weighted average shares outstanding		69,768		70,165
Effect of dilutive securities – stock options and RSUs		517		318
Diluted weighted-average shares		70,285		70,483
Diluted income per share	$	0.31	$	0.47

For the three months ended September 25, 2011 and September 26, 2010, 1,043,134 and 1,986,900 common stock equivalents, respectively, were antidilutive and were not included in the computation of diluted earnings per share for these periods.  In addition, for the three months ended September 25, 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.