Shareholders' Equity

6 Months Ended

Dec. 25, 2011

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

In connection with the acquisition of Ruud Lighting, the Company issued 6.1 million shares of common stock valued at approximately $211.0 million. The shares are subject to certain transfer restrictions under the Stock Purchase Agreement that will generally lapse with respect to 25% of the shares held (i) at the completion of the consecutive six-month period following the date of the closing of the transaction; and, (ii) at the completion of each of the following three successive six-month periods, such that all restrictions will lapse by the second anniversary of the closing.

As of December 25, 2011, the Company is authorized to repurchase shares of its common stock having an aggregate purchase price not exceeding $200.0 million for all purchases from June 16, 2011 through the expiration of the program, as authorized by the Board of Directors and extended through June 24, 2012. During the six months ended December 25, 2011, the Company did not repurchase any shares under the repurchase program.

The following presents a summary of activity in comprehensive income, net (in thousands):

	Three Months Ended						Six Months Ended
	December 25, 2011			December 26, 2010			December 25, 2011			December 26, 2010
Net income	$	12,078		$	49,775		$	24,897		$	107,811
Other comprehensive income:
Net unrealized loss on available-for-sale securities, net of tax benefit of $544, $1,177, $1,206 and $611 respectively	(899		)	(1,945		)	(1,991		)	(1,010		)
Currency Translation Loss	(1,103		)	—			(583		)	—
Comprehensive income	$	10,076		$	47,830		$	22,323		$	106,801

For the six months ended December 25, 2011 approximately $1.0 million of unrealized gains were reclassified out of accumulated other comprehensive income into earnings for the period, and are included in "Other non-operating (loss) income, net" in the Consolidated Statements of Income