Earnings Per Share (Tables)

12 Months Ended

Jun. 27, 2015

Earnings Per Share

Schedule of computation of basic and diluted net (loss) income per share

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

	Years Ended
	June 27, 2015			June 28, 2014			June 29, 2013
Numerator:
Net (loss) income	$	(88.1	)	$	(17.8	)	$	57.0
Loss from discontinued operations, net of tax	—			—			—
Net (loss) income	$	(88.1	)	$	(17.8	)	$	57.0
Denominator:
Weighted-average number of common shares outstanding
Basic	232.7			234.2			235.0
Effect of dilutive securities from stock-based benefit plans	—			—			4.3
Diluted	232.7			234.2			239.3
Basic net (loss) income per share from:
Continuing operations	$	(0.38	)	$	(0.08	)	$	0.24
Discontinued operations	—			—			—
Net (loss) income	$	(0.38	)	$	(0.08	)	$	0.24
Diluted net (loss) income per share from:
Continuing operations	$	(0.38	)	$	(0.08	)	$	0.24
Discontinued operations	—			—			—
Net (loss) income	$	(0.38	)	$	(0.08	)	$	0.24

Schedule of weighted average potentially dilutive securities excluded from the computation because their effect would have been anti-dilutive

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):

	Years Ended
	June 27, 2015 (1)(2)	June 28, 2014 (1)(2)	June 29, 2013 (3)
Stock options and ESPP	3.6	4.9	2.3
Restricted Stock Units	10.3	10.1	2.2
Total potentially dilutive securities	13.9	15.0	4.5

(1) As the Company incurred a net loss in the period, potential dilutive securities from employee stock options, 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 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 information.