Net Income (Loss) Per Share

9 Months Ended

Dec. 28, 2013

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE

The following table sets forth a reconciliation of the numerators and denominators in the computation of basic and diluted net income (loss) per share (in thousands, except per share data):

	Three Months Ended					Nine Months Ended
	December 28, 2013		December 29, 2012			December 28, 2013		December 29, 2012
Numerator:
Numerator for basic and diluted net income (loss) per share — net income (loss) available to common shareholders	$	6,235	$	(1,443	)	$	13,688	$	(37,038	)
Denominator:
Denominator for basic net income (loss) per share — weighted average shares	282,439		279,523			281,749		277,562
Effect of dilutive securities:
Share-based awards	5,481		—			5,804		—
Denominator for diluted net income (loss) per share — adjusted weighted average shares and assumed conversions	287,920		279,523			287,553		277,562
Basic net income (loss) per share	$	0.02	$	(0.01	)	$	0.05	$	(0.13	)
Diluted net income (loss) per share	$	0.02	$	(0.01	)	$	0.05	$	(0.13	)

In the computation of diluted net income per share for the three and nine months ended December 28, 2013, outstanding stock options to purchase approximately 7.5 million shares and 8.2 million shares, respectively, were excluded because the exercise price of the options was greater than the average market price of the underlying common stock and the effect of their inclusion would have been anti-dilutive. In the computation of diluted net loss per share for the three and nine months ended December 29, 2012, all outstanding stock options were excluded because the effect of their inclusion would have been anti-dilutive.

The computation of diluted net income (loss) per share does not assume the conversion of the Company’s $200 million initial aggregate principal amount of 0.75% Convertible Subordinated Notes due 2012 (the “2012 Notes”) or the Company’s $175 million initial aggregate principal amount of 1.00% Convertible Subordinated Notes due 2014 (the “2014 Notes”). The 2012 Notes became due on April 15, 2012, and the remaining principal balance of $26.5 million was paid with cash on hand.

The 2014 Notes generally would become dilutive to earnings if the average market price of the Company’s common stock exceeds approximately $8.05 per share. The maximum number of shares issuable upon conversion of the 2014 Notes as of December 28, 2013, is approximately 8.4 million shares (after giving effect to an aggregate of $87.5 million principal amount of 2014 Notes that were previously purchased and retired by the Company), which may be adjusted as a result of stock splits, stock dividends and antidilution provisions.

Share Repurchase

During the three and nine months ended December 28, 2013, the Company repurchased 0.2 million shares and 2.5 million shares of its common stock at an average price of $4.99 and $5.03 on the open market, respectively. During the three months ended December 29, 2012, the Company did not repurchase any shares of its common stock. During the nine months ended December 29, 2012, the Company repurchased 1.9 million shares of its common stock at an average price of $3.75 on the open market.