Earnings Per Share

6 Months Ended

Dec. 25, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following presents the computation of basic earnings per share (in thousands, except per share data):

	Three Months Ended				Six Months Ended
	December 25, 2011		December 26, 2010		December 25, 2011		December 26, 2010
Basic:
Net income	$	12,078	$	49,775	$	24,897	$	107,811
Weighted average common shares	115,536		108,364		113,701		108,032
Basic earnings per share	$	0.10	$	0.46	$	0.22	$	1.00

The following computation reconciles the differences between the basic and diluted earnings per share presentations (in thousands, except per share data):

	Three Months Ended				Six Months Ended
	December 25, 2011		December 26, 2010		December 25, 2011		December 26, 2010
Diluted:
Net income	$	12,078	$	49,775	$	24,897	$	107,811
Weighted average common shares - basic	115,536		108,364		113,701		108,032
Dilutive effect of stock options, unvested shares and ESPP purchase rights	347		1,612		538		1,785
Weighted average common shares - diluted	115,883		109,976		114,239		109,817
Diluted earnings per share	$	0.10	$	0.45	$	0.22	$	0.98

Potential common shares that would have the effect of increasing diluted earnings per share are considered to be antidilutive. In accordance with U.S. GAAP, these shares were not included in calculating diluted earnings per share. For the three and six months ended December 25, 2011, there were 8.1 and 6.6 million shares, respectively, not included in calculating diluted earnings per share because their effect was antidilutive. For three and six months ended December 26, 2010, there were 2.3 and 1.6 million shares, respectively, not included in calculating diluted earnings per share because their effect was antidilutive.