Earnings Per Share

3 Months Ended

Sep. 24, 2016

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 and 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, MSUs and assumed issuance of common stock under the 2008 ESPP using the treasury stock method.

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

	Three Months Ended
	September 24, 2016		September 26, 2015
	(in thousands, except per share data)
Numerator for basic earnings (loss) per share and diluted earnings (loss) per share
Net income (loss)	$	137,614	$	(72,143	)
Denominator for basic earnings (loss) per share	283,633		284,588
Effect of dilutive securities:
Stock options, ESPP, RSUs, and MSUs	4,941		—
Denominator for diluted earnings (loss) per share	288,574		284,588
Earnings (loss) per share
Basic	$	0.49	$	(0.25	)
Diluted	$	0.48	$	(0.25	)

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.

For the three months ended September 24, 2016, no securities were determined to be anti-dilutiveand therefore none were excluded from the calculation of diluted earnings per share.