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Net Income per Share
9 Months Ended
Oct. 01, 2011
Net Income per Share [Abstract] 
NET INCOME PER SHARE

NOTE 10. NET INCOME PER SHARE

Basic net income per share is computed by dividing net income during the period by the weighted average number of shares of common stock outstanding, less unvested restricted stock awards. None of Cadence’s outstanding grants of restricted stock contain nonforfeitable dividend rights. Diluted net income per share is impacted by equity instruments considered to be potential common shares, if dilutive, computed using the treasury stock method of accounting.

 

The calculations for basic and diluted net income per share for the three and nine months ended October 1, 2011 and October 2, 2010 are as follows:

                                 
    Three Months Ended     Nine Months Ended  
    October 1,
2011		     October 2,
2010		     October 1,
2011		     October 2,
2010		  
    (In thousands, except per share amounts)  

Net income

   $ 28,106     $ 126,753     $ 61,337     $ 163,575  
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common shares used to calculate basic net income per share

     264,723       258,606       263,149       261,122  

2023 Notes

     11       11       11       11  

Options

     3,196       1,678       3,390       1,409  

Restricted stock

     2,735       2,945       3,407       2,801  

Employee stock purchase plan (ESPP)

     76       62       111       40  
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average common shares used to calculate diluted net income per share

     270,741       263,302       270,068       265,383  
   

 

 

    

 

 

    

 

 

    

 

 

  

Basic net income per share

   $ 0.11     $ 0.49     $ 0.23     $ 0.63  
   

 

 

    

 

 

    

 

 

    

 

 

  

Diluted net income per share

   $ 0.10     $ 0.48     $ 0.23     $ 0.62  
   

 

 

    

 

 

    

 

 

    

 

 

  

The following table presents the potential shares of Cadence’s common stock outstanding for the three and nine months ended October 1, 2011 and October 2, 2010 that were excluded from the computation of diluted net income per share because the effect of including these shares in the computation of diluted net income per share would have been anti-dilutive:

                                 
    Three Months Ended     Nine Months Ended  
    October 1,
2011		     October 2,
2010		     October 1,
2011		     October 2,
2010		  
    (In thousands)  

2015 Warrants (various expiration dates through 2015)

     46,382       46,382       46,382       46,382  

Options to purchase shares of common stock (various expiration dates through 2021)

     17,916       21,350       18,194       22,789  

2011 and 2013 Notes Warrants (various expiration dates through 2014)

     14,184       14,184       14,184       14,184  

Unvested shares of restricted stock

     2,805       1,412       21       2,056  
   

 

 

    

 

 

    

 

 

    

 

 

  

Total potential common shares excluded

     81,287       83,328       78,781       85,411