Net Income (Loss) per Common Share

6 Months Ended

Dec. 25, 2011

Net Income per Common Share [Abstract]

Net Income per Common Share

14. Net Income (Loss) 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 and six months ended December 25, 2011 and December 26, 2010 (in thousands, except per share amounts):

	Three Months Ended					Six Months Ended
	December 25, 2011			December 26, 2010		December 25, 2011		December 26, 2010
Net income (loss)	$	(6,337	)	$	43,929	$	15,626	$	77,427
Less: Income allocated to participating securities		—			713		181		1,252
Income available to common stockholders	$	(6,337	)	$	43,216	$	15,445	$	76,175
Earnings per common share - basic
Weighted average shares outstanding		69,046			69,587		69,408		69,878
Basic income (loss) per share	$	(0.09	)	$	0.62	$	0.22	$	1.09
Earnings per common share - diluted
Basic weighted average shares outstanding		69,046			69,587		69,408		69,878
Effect of dilutive securities – stock options and RSUs		—			648		475		498
Diluted weighted-average shares		69,046			70,235		69,883		70,376
Diluted income (loss) per share	$	(0.09	)	$	0.62	$	0.22	$	1.08

For the three and six months ended December 25, 2011, 940,293 and 941,059 shares of common stock equivalents were antidilutive, respectively, and were not included in the computation of diluted earnings per share for these periods.  Additionally, for the three and six months ended December 26, 2010, 1,745,686 shares of common stock equivalents were antidilutive and were not included in the computation of diluted earnings per share for the prior periods.  In addition, for the three and six months ended December 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.