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Earnings Per Share
 9 Months Ended
Jul. 01, 2011
Earnings Per Share  
Earnings Per Share

14. EARNINGS PER SHARE

 

     Three-months Ended      Nine-months Ended  
(In thousands, except per share amounts)    July 1,
2011		      July 2,
2010		      July 1,
2011		      July 2,
2010		  

Net income

    $ 51,548       $ 34,736       $ 162,376       $ 90,490   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average shares outstanding — basic

      183,750         175,495         182,642         174,220   

Effect of dilutive convertible debt

      1,790         1,657         1,831         1,938   

Effect of dilutive share-based awards

      5,840         6,737         6,155         5,914   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted average shares outstanding — diluted

      191,380         183,889         190,628         182,072   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income per share — basic

    $ 0.28       $ 0.20       $ 0.89       $ 0.52   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income per share — diluted

    $ 0.27       $ 0.19       $ 0.85       $ 0.50   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share includes the dilutive effect of equity based awards and the 2007 Convertible Notes using the treasury stock method.

Equity based awards exercisable for approximately 2.8 million shares and 1.5 million shares were outstanding but not included in the computation of earnings per share for the three and nine-months ended July 1, 2011, respectively, as their effect would have been anti-dilutive.

Equity based awards exercisable for approximately 4.8 million shares and 5.6 million shares were outstanding but not included in the computation of earnings per share for the three and nine-months ended July 2, 2010, respectively, as their effect would have been anti-dilutive.

The remaining $26.7 million in aggregate principal balance of the 1.50% Notes contains a cash settlement provision, which permits the application of the treasury stock method in determining potential share dilution of the conversion spread should the share price of the Company's common stock exceed $9.52. For both the three and nine-months ended July 1, 2011, 1.8 million shares, were included in the calculation of diluted earnings per share as a result of this conversion feature and 1.7 million shares and 1.9 million shares for the three and nine-months ended July 2, 2010, respectively, were included.