Equity

9 Months Ended

Dec. 29, 2012

Stockholders' Equity [Abstract]

Stockholder's Equity

12. Equity

Common Stock

The Company issued 0.3 million and 1.4 million shares of common stock for the three and nine month periods ended December 29, 2012, respectively, in connection with stock option exercises during the periods and grants to certain members of our Board of Directors.  The Company issued 0.1 million and 0.3 million shares of common stock, respectively, for thethree and nine month periods ended December 31, 2011, in connection with stock option exercises during the prior fiscal year and grants to certain members of our Board of Directors.

Earnings Per Share

Basic earnings per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period.  Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares used in the basic earnings per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive items outstanding.  These potentially dilutive items consist primarily of outstanding stock options and restricted stock units.

The weighted average outstanding options excluded from our diluted calculation for the three and nine months endedDecember 29, 2012, were 924,000 and 309,000, respectively.  The weighted average outstanding options excluded from our diluted calculation for the three and nine months ended December 31, 2011, were 1,254,000 and 1,043,000, respectively.  These were excluded as the strike price of the options exceeded the average market price during theperiods.

Share Repurchase Program

On November 4, 2010, we announced that our Board of Directors authorized an $80 million share repurchase program.  As of December 31, 2011, the Company had repurchased 5.1 million shares at a cost of $79.5 million, or an average cost of $15.51 per share.  For the nine months ended December 31, 2011, we purchased 4.9 million shares at a cost of $76.8 million, or an average cost of $15.63 per share.  During the December 29, 2012 quarter, the Company completed this stock repurchase program and repurchased the remaining outstanding shares in conjunction with the new share repurchase program, announced below.  There are no outstanding remaining available repurchase obligations under this plan.  All repurchased common stock shares were retired.

On November 20, 2012, we announced that our Board of Directors authorized a share repurchase program of up to $200 million of the Company’s common stock. The Company repurchased 1.5 million shares of its common stock for $47.9 million (including the remaining $0.5 million available under the 2010 plan discussed above) during the third quarter of fiscal year 2013, at an average cost of $30.96 per share, leaving approximately $152.6 million available for repurchase under this plan as of December 29, 2012.  All of these shares were repurchased in the open market and were funded from existing cash.  All shares of our common stock that were repurchased were retired as of December 29, 2012.