Earnings Per Share

3 Months Ended

Sep. 26, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share are computed using the weighted average number of shares of common stock outstanding during the period. For purposes of computing basic earnings (loss) per share, the weighted average number of outstanding shares of common stock excludes unvested RSUs, including MSUs. Diluted earnings (loss) per share incorporates the incremental shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs, Performance Shares, including 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 (loss) per share:

	Three Months Ended
	September 26, 2015			September 27, 2014
	(in thousands, except per share data)
Numerator for basic earnings (loss) per share and diluted earnings (loss) per share
Net income (loss)	$	(72,143	)	$	99,980
Denominator for basic earnings (loss) per share	284,588			284,086
Effect of dilutive securities:
Stock options, ESPP, RSUs, and MSUs	—			5,344
Denominator for diluted earnings (loss) per share	284,588			289,430
Earnings (loss) per share
Basic	$	(0.25	)	$	0.35
Diluted	$	(0.25	)	$	0.35

The Company had a net loss for the three months ended September 26, 2015, accordingly all incremental shares totaling 5.7 million shares were determined to be anti-dilutive.

Approximately 5.9 million stock options were excluded from the calculation of diluted earnings per share for the three months ended September 27, 2014. 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.