Earnings Per Share

6 Months Ended

Dec. 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				Six Months Ended
	December 24, 2016		December 26, 2015		December 24, 2016		December 26, 2015
	(in thousands, except per share data)
Numerator for basic earnings (loss) per share and diluted earnings (loss) per share
Net income (loss)	$	130,477	$	67,469	$	268,091	$	(4,674	)
Denominator for basic earnings (loss) per share	283,294		285,526		283,464		285,057
Effect of dilutive securities:
Stock options, ESPP, RSUs, and MSUs	4,812		4,995		4,900		—
Denominator for diluted earnings (loss) per share	288,106		290,521		288,364		285,057
Earnings (loss) per share
Basic	$	0.46	$	0.24	$	0.95	$	(0.02	)
Diluted	$	0.45	$	0.23	$	0.93	$	(0.02	)

The Company had a net loss for the six months ended December 26, 2015, accordingly all incremental shares totaling 5.6 million shares were determined to be anti-dilutive.

For the three months ended December 24, 2016 and December 26, 2015 and the six months ended December 24, 2016, no securities were determined to be anti-dilutiveand therefore none were excluded from the calculation of diluted earnings per share.