Note 11. Net Income (Loss) Per Share

12 Months Ended

Mar. 31, 2013

Earnings Per Share [Text Block]

NOTE 11.    NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the applicable period. Diluted net income per share reflects the potential dilution that would occur if outstanding stock options or warrants to purchase common stock were exercised for common stock, using the treasury stock method, and the common stock underlying outstanding restricted stock units (“RSUs”) were issued.

The following table summarizes our net income (loss) per share for the fiscal years indicated below (in thousands, except per share amounts):

	March 31, 2013		April 1, 2012			March 27, 2011
Net income (loss)	$	2,882	$	(28,056	)	$	(35,668	)
Shares used in computation of net income (loss) per share:
Basic		45,809		44,796			44,218
Diluted		46,476		44,796			44,218
Net income (loss) per share:
Basic	$	0.06	$	(0.63	)	$	(0.81	)
Diluted	$	0.06	$	(0.63	)	$	(0.81	)

All outstanding stock options and RSUs are potentially dilutive securities. As of March 31, 2013, stock options, warrants to purchase common stock and RSUs of 2.2 million were excluded from the computation of diluted net income per share because they were determined to be anti-dilutive. For fiscal years 2012 and 2011, all shares attributable to outstanding options and RSUs were excluded from the computation of diluted net loss per share, as inclusion of such shares would have had an anti-dilutive effect. Accordingly, basic and diluted net loss per share were the same in each period presented.

In connection with the Sipex acquisition in August 2007, we assumed warrants with a fair value of $1.5 million on the date of acquisition, which enable the holders to purchase a total of approximately 280,000 shares of our common stock. The warrants were exercisable at any time for shares of our common stock at an initial exercise price of $9.63 per share, subject to adjustment upon certain events. The warrants expired unexercised on May 18, 2011.