Earnings Per Share

9 Months Ended

Mar. 28, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

EARNINGS PER SHARE

Basic earnings per share are computed using the weighted average number of shares of common stock outstanding during the period. For purposes of computing basic earnings per share, the weighted average number of outstanding shares of common stock excludes unvested RSUs and MSUs. Diluted earnings per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs and MSUs and assumed issuance of common stock under the employee stock purchase plans using the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended				Nine Months Ended
	March 28, 2015		March 29, 2014		March 28, 2015		March 29, 2014
	(in thousands, except per share data)
Numerator for basic earnings per share and diluted earnings per share
Net income	$	79,433	$	122,544	$	107,379	$	270,017
Denominator for basic earnings per share	283,418		282,627		283,499		283,315
Effect of dilutive securities:
Stock options, ESPP, RSUs and MSUs	5,422		5,948		5,126		5,807
Denominator for diluted earnings per share	288,840		288,575		288,625		289,122
Earnings per share
Basic	$	0.28	$	0.43	$	0.38	$	0.95
Diluted	$	0.28	$	0.42	$	0.37	$	0.93

Approximately 1.8 million and 9.8 million stock options were excluded from the calculation of diluted earnings per share for the three months ended March 28, 2015 and March 29, 2014, respectively. Approximately 5.2 million and 9.8 million stock options were excluded from the calculation of diluted earnings per share for the nine months ended March 28, 2015 and March 29, 2014, respectively. These options were excluded because they were determined to be anti-dilutive. However, such options could be dilutive in the future and, under those circumstances, would be included in the calculation of diluted earnings per share.