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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
 12 Months Ended
Jun. 24, 2015
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following table summarizes the unaudited consolidated quarterly results of operations for fiscal 2015 and 2014 (in thousands, except per share amounts):
 
  
Fiscal Year 2015
Quarters Ended
 
Sept. 24
 
Dec. 24
 
March 25
 
June 24
Revenues
$
711,018

 
$
742,898

 
$
784,215

 
$
764,147

Income before provision for income taxes
$
47,814

 
$
58,744

 
$
96,316

 
$
81,403

Net income
$
32,738

 
$
41,306

 
$
65,427

 
$
57,223

Basic net income per share
$
0.51

 
$
0.65

 
$
1.04

 
$
0.94

Diluted net income per share
$
0.49

 
$
0.64

 
$
1.02

 
$
0.92

Basic weighted average shares outstanding
64,668

 
63,590

 
62,891

 
61,132

Diluted weighted average shares outstanding
66,263

 
64,963

 
64,091

 
62,294

 
  
Fiscal Year 2014
Quarters Ended
 
Sept. 25
 
Dec. 25
 
March 26
 
June 25
Revenues
$
684,660

 
$
705,662

 
$
759,293

 
$
759,880

Income before provision for income taxes
$
42,582

 
$
57,713

 
$
80,815

 
$
35,178

Net income
$
29,212

 
$
39,744

 
$
56,263

 
$
28,820

Basic net income per share
$
0.44

 
$
0.59

 
$
0.85

 
$
0.44

Diluted net income per share
$
0.42

 
$
0.58

 
$
0.82

 
$
0.43

Basic weighted average shares outstanding
66,693

 
66,811

 
66,479

 
65,009

Diluted weighted average shares outstanding
68,802

 
68,628

 
68,342

 
66,824


Net income for fiscal 2015 included a net gain of $2.8 million related to litigation which included antitrust litigation settlement proceeds of $8.6 million, partially offset by a charge of $5.8 million to adjust our previous reserve estimate of final settlement amounts related to various litigation matters. We recorded a charge of $1.1 million in the fourth quarter of fiscal 2015 for acquisition costs incurred prior to completing the acquisition of a franchisee which owns 103 Chili's restaurants. Long-lived asset impairment of $0.7 million and $1.5 million were recorded in the second and fourth quarters, respectively. Additionally, net income included lease termination charges of $0.9 million, $0.5 million and $0.5 million in the first, second and fourth quarters of fiscal 2015 related to restaurants closed in the current year. Severance charges of $0.3 million and $0.9 million were incurred in the second and fourth quarters of fiscal 2015.
Net income for fiscal 2014 included a $39.5 million charge in the fourth quarter to establish reserves for the potential settlement of various litigation matters. Long-lived asset impairments of $1.3 million and $3.2 million were recorded in the second and fourth quarters, respectively. Additionally, net income included lease termination charges of $0.2 million, $0.2 million, $0.9 million and $0.6 million in the four quarters of fiscal 2014 related to restaurants closed in the current year and adjustments for prior year closures. Severance charges of $0.2 million, $0.2 million, $0.7 million and $1.0 million were incurred in the four quarters of fiscal 2014.