Earnings Per Share

12 Months Ended

Jun. 25, 2011

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

EARNINGS PER SHARE

Basic earnings per share are computed using the weighted average number of common shares 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. Diluted earnings per share incorporates the incremental dilutive shares issuable upon the assumed exercise of stock options, assumed release of unvested RSUs and assumed issuance of common stock under the employee stock purchase plans using the treasury stock method. As discussed in Note 6 herein, the Company cash-settled options that expired (reached the ten year contractual term) during the Blackout Period and cash-settled vested RSUs. These options and RSUs are considered liability instruments under ASC 718 and as such are excluded from the diluted earnings per share calculation.

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

	For the Year Ended
	June 25, 2011		June 26, 2010		June 27, 2009
	(In thousands, except per share data)
Numerator for basic earnings per share and diluted earnings
per share
Net income	$	489,009	$	125,139	$	10,455
Denominator for basic earnings per share	296,755		304,579		310,805
Effect of dilutive securities:
Stock options, RSUs, and ESPP	6,622		5,437		674
Denominator for diluted earnings per share	303,377		310,016		311,479
Earnings per share:
Basic	$	1.65	$	0.41	$	0.03
Diluted	$	1.61	$	0.40	$	0.03

Approximately 14.9 million, 21.1 million, and 29.6 million of the Company's stock awards were excluded from the calculation of diluted earnings per share for fiscal years 2011, 2010, and 2009, respectively. These options were excluded, as they were antidilutive. However, such options could be dilutive in the future.