Earnings Per Share

12 Months Ended

Jun. 25, 2016

EARNINGS PER SHARE

Basic earnings (loss) per share are computed using the weighted average number of shares of common shares 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:



	For the Year Ended
	June 25, 2016		June 27, 2015		June 28, 2014
	(in thousands, except per share data)
Numerator for basic earnings (loss) per share and diluted earnings (loss) per share
Net income (loss)	$	227,475	$	206,038	$	354,810

Denominator for basic earnings (loss) per share	285,081		283,675		283,344
Effect of dilutive securities:
Stock options, ESPP, RSUs and MSUs	4,398		5,274		5,764
Denominator for diluted earnings (loss) per share	289,479		288,949		289,108

Earnings (loss) per share:
Basic	$	0.80	$	0.73	$	1.25
Diluted	$	0.79	$	0.71	$	1.23

Approximately 0.5 million, 3.6 million, and 9.4 million stock options were excluded from the calculation of diluted earnings per share for the fiscal years ended 2016, 2015 and 2014, respectively. These options were excluded because they were determined to be antidilutive. However, such options could be dilutive in the future and, under those circumstances, would be included in the calculation of diluted earnings per share.