Earnings Per Share

9 Months Ended

Mar. 29, 2014

Earnings Per Share

Earnings Per Share

Note 3. Earnings Per Share

The following table sets forth the computation of basic and diluted net (loss) income per share (in millions, except per share data):

	Three Months Ended						Nine Months Ended
	March 29,			March 30,			March 29,		March 30,
	2014			2013			2014		2013
Numerator:
(Loss) income from continuing operations, net of tax	$	(1.5	)	$	(28.0	)	$	7.6	$	(34.5	)
Loss from discontinued operations, net of tax	—			—			—		(1.0		)
Net (loss) income	$	(1.5	)	$	(28.0	)	$	7.6	$	(35.5	)
Denominator:
Weighted-average number of common shares outstanding
Basic	234.0			235.9			234.1		234.4
Effect of dilutive securities from stock-based benefit plans	—			—			3.6		—
Diluted	234.0			235.9			237.7		234.4
Basic net (loss) income per share from:
Continuing operations	$	(0.01	)	$	(0.12	)	$	0.03	$	(0.15	)
Discontinued operations	—			—			—		0.00
Net (loss) income	$	(0.01	)	$	(0.12	)	$	0.03	$	(0.15	)
Diluted net (loss) income per share from:
Continuing operations	$	(0.01	)	$	(0.12	)	$	0.03	$	(0.15	)
Discontinued operations	—			—			—		0.00
Net (loss) income	$	(0.01	)	$	(0.12	)	$	0.03	$	(0.15	)

The following table sets forth the weighted-average potentially dilutive securities excluded from the computation of the diluted net (loss) income per share because their effect would have been anti-dilutive (in millions):

	Three Months Ended		Nine Months Ended
	March 29,	March 30,	March 29,	March 30,
	2014 (1) (2)	2013 (1) (3)	2014 (2)	2013 (1) (3)
Employee stock options and ESPP	4.6	7.1	1.1	7.9
RSUs	10.2	9.5	2.9	9.3
Total potentially dilutive securities	14.8	16.6	4.0	17.2

(1)  As the Company incurred a net loss in the period, potential dilutive securities from employee stock options, employee stock purchase plan (“ESPP”) and Restricted Stock Units (“RSUs”) have been excluded from the diluted net loss per share computations as their effects were deemed anti-dilutive.

(2)  The Company’s 0.625% Senior Convertible Notes due 2033 (the “2033 Notes”) are not included in the table above. The par amount of convertible notes is payable in cash equal to the principal amount of the notes plus any accrued and unpaid interest and then the “in-the-money” conversion benefit feature at the conversion price above $18.83 per share is payable in cash, shares of the Company’s common stock or a combination of both. Refer to “Note 10. Debts and Letters of Credit” for more details.

(3)  The Company’s 1% Senior Convertible Notes due 2026 (the “2026 Notes”) are not included in the table above. The par amount of convertible notes is payable in cash equal to the principal amount of the notes plus any accrued and unpaid interest and then the “in-the-money” conversion benefit feature at the conversion price above $30.30 per share is payable in shares of the Company’s common stock or cash. As of June 29, 2013, no amounts related to the 2026 Notes were outstanding. Refer to “Note 10. Debts and Letters of Credit” for more details.